NaijaWire

London - Another Nigerian-owned bank, Access Bank Plc, is set for another major milestone in its global expansion drive following its licensing and authorization by the Financial Services Authorities (FSA) to operate a full service banking subsidiary in the United Kingdom.

The Access Bank (UK) Ltd has its head office at No 1, Cornhill in the City of London, overlooking the Bank of England. The Bank’s Mayfair office is located at 53, Davies Street, London. The new UK subsidiary will offer a full range of banking services which include corporate banking, personal banking, treasury and trade finance.

Abuja - First Bank of Nigeria Plc has paid a N24 billion dividend at N1.20k per share, for the financial year ended March 31, 2008, despite the recent downturn in the Nigeria capital market. This, the bank believes, is to reaffirm investors’ confidence in its ability to create value and keep faith with its promise to shareholders.

The total dividend payout, the largest in the history of Nigeria’s banking industry, is almost enough to get a new banking license – going by the N25 billion minimum shareholders’ funds requirement. The bank has also declared a bonus of one share for every four shares previously held before the close of the shareholders’ register on August 08, 2008.

One of Nigeria’s oldest and successful banks, Union Bank Nigeria Plc, is set to raise over N301 billion from the Nigerian capital market, the highest amount to be raised by any bank in the history of the nation’s capital market.

The bank intends to float a hybrid offering comprising offer for subscription of 7.3 billion ordinary shares of 50 kobo each at N36.00 per share and a Rights Issue of 1.4 billion ordinary shares of 50 kobo each at N35.00.

Managing Director/CEO of the bank, Dr. Barth Ebong said that both the  Public Offering and Rights Issue are given at a discount of N6.00 and N7.00 per share, respectively.

Paris - The globalization of the banking sector in Nigeria has received a boost with the grand opening of the first of its kind by any African owned bank, as First Bank Nigeria PLC, through its United Kingdom subsidiary; FBN Bank (UK) Limited, opened a new branch in Paris, the capital of France. By this development the bank has extended its services to France and other French speaking countries in the ECOWAS.

According to a statement from the bank, the inauguration of the Paris branch was witnessed by officials from the apex bank regulator in France, Ban du France, Nigerian Ambassador to France, ambassadors of other Francophone West African countries, and directors of First Bank of Nigeria Plc.

London - The Financial Services Authority (FSA) of the United Kingdom (UK) has licensed Intercontinental Bank (UK) Plc, a subsidiary of Intercontinental Bank Plc, as a full-fledged bank offering wholesale banking services in the United Kingdom.

The bank is authorized to perform trade services business, including letters of credits, collections and guarantees. Other aspects of its business include structuring and funding of structured trade and project finance transactions as well as arrangement of funding for group entities.

A seasoned international banker, Mr. Marcus Hopkins, has been appointed chief executive, while another international banker, Mr. Richard Wailes, will serve as Chief Operating Officer.