After the first tranche of the multi-tranche program was successfully completed, FCMB Group Plc, the parent company for First City Monument Bank (FCMB) Limited and its subsidiaries, started its N300 billion capital raising initiative.
FCMB issued N20.69 billion of permanent fixed-rate resettable NC5.25 extra tier 1 capital subordinated notes in the first sale under the N300 billion program. The group said that the offer was warmly accepted by the market and that a wide variety of investors actively participated.
According to the firm, the net proceeds would be used to increase First City Monument Bank Limited’s tier 1 and overall capital adequacy ratios. Nigeria’s first non-sharia local currency AT1 instrument was released with its AT1 issuance.
