Restructuring for Growth

In line with its renewed emphasis on investment banking/ asset management, insurance, and international expansion, the FirstBank Group proposes to consolidate its subsidiaries within five 'business groups', as illustrated above (FirstBank of Nigeria, FBN Bank International, Investment Banking & Asset Management, Insurance, and Emerging Ventures). A robust plan for the new Group operating structure will be characterised by:

1. A re-defined Group Management Committee that will provide oversight and coordination across the Group.
2. A corporate centre featuring some key functions that have portfolio oversight/responsibility across the Group (e.g., Finance, Risk, Strategy etc.).
3. Measured rollout of a Group shared services platform, where a processing/cost efficiency or skill specialisation case can be made for consolidation of similar business processes (e.g., facilities management, procurement etc.).
4. Grouping of subsidiaries and lines of business within five broad 'business groups' (FirstBank of Nigeria, FBN Bank International, Investment Banking & Asset Management, Insurance, and Emerging Ventures).
5. Reconstitution of Boards and committees where necessary to optimally align governance and management roles and committees with the proposed operating structure.

The Group is also exploring the possibility of limited redesign of its legal structure (including transitioning to a bank holding company structure), to facilitate operating objectives while ensuring optimal legal/regulatory compliance and tax efficiency. This is being explored with leading legal and tax advisers, and in consultation with regulators, to ensure strict compliance and adherence to current and future policies.