Subsidiaries

FBN Bank (UK) Limited

FBN Bank (UK) Limited ('FBN UK') is a UK registered bank authorised by the Financial Services Authority to accept deposits and undertake banking business. It was incorporated in November 2002 when it absorbed the business of the previous London Branch of First Bank of Nigeria Plc, which commenced business in the early eighties.

A wholly owned subsidiary of FirstBank, FBN UK was initially established to service the London banking requirements of Nigerian companies and its parent bank. However, since it commenced business it has developed into a much broader business positioned as the gateway to Europe and beyond for African banks, companies and high net worth individuals. It is unique among London banks, in that it has a branch in Paris which looks after business flows from francophone West Africa and a representative office in Lagos serving the international banking requirements of most West African businesses.

Services to corporate customers include the normal range of multi-currency bank accounts plus a full trade finance suite of products, including structured commodity trade finance.

FBN Capital Limited

FBN Capital is our wholly owned investment-banking subsidiary. The company offers financial services to a broad range of clients, institutions and government across the entire spectrum of financing and investment transactions.

Established in 2006 following the banking industry consolidation, our investment-banking arm has accomplished a great deal in a very short time, emerging as a dominant player in deal origination, execution and distribution.

FBN Capital's financial services and offerings are organised along two business divisions; namely Investment Banking and Investment Management.

First Trustees Nigeria Limited

With over 30 years' experience in the management of its clients' wealth and businesses, our trusteeship continues to stand out as the clear leader in trusteeship and asset management services in the country, offering innovative products and services tailored to meet our clients' diverse financial needs. Distinguished by its unique combination of brand strength, intellectual capacity and character, First Trustees' clients cut across government, corporate, wealthy individuals and institutional investors.

With branch presence in Lagos, Port-Harcourt and Abuja, this subsidiary provides information and full services for:

• investment advisory;
• family trust/property management trust;
• education trust;
• custodian trust;
• consortium lending;
• private trust;
• dependant care trust; and
• portfolio/fund management.

First Registrars Nigeria Limited

Controlling over 70% of the mutual funds currently in the Nigerian capital market, First Registrars Nigeria Limited has over the decade since its incorporation, carved a niche for itself in the share administration industry in the country. Through innovation and measured investment in human capital, technology and service delivery platforms, this subsidiary has been able to corner about a third of the market share for registrarship services in the country.

First Pension Custodian Nigeria Limited

First Pension Custodian Nigeria Limited was incorporated on 12 August 2005, to provide custodial services on retirement savings accounts (RSAs). The company has a robust relationship with virtually every licensed Pension Fund Administrator and Close Pension Fund Administrator.

A wholly owned subsidiary of First Bank of Nigeria Plc, First Pension Custodian Nigeria Limited generally offers a diverse portfolio of custodianship services, including pension contribution collection, pension payments nationwide, cash management; settlement, safe custody of pension assets, portfolio valuation, disbursement of benefits, corporate action, and compliance monitoring assistance.

First Funds Limited

First Funds Limited (FFL) is a captive private equity/venture capital subsidiary of FirstBank. Set up in 2003, FFL until recently was focused on providing risk capital to the smaller end of the small and medium enterprises (SMEs) sector. Between 2004 and 2008, First Funds managed approximately N6 billion of First Bank's reserve under the defunct Small and Medium Enterprises Equity Investment Scheme (SMEEIS) programme, an initiative of the CBN. Following the discontinuance of SMEEIS, FFL now concentrates on providing expansion capital to mediumsized companies.

FFL's focus sectors remain consumer durables and non-durables, food and beverages, restaurants, hotel, leisure, retail as well as information and communication technology. With investment sizes of between USD2 million and USD5 million for a significant minority stake, we target companies operating in large addressable markets backed by experienced management teams where FFL’s investment and support can provide the needed impetus for the next stage of growth.

As at 31 December 2009, total committed capital was N9.5 billion, of which the company has drawn N2 billion. Approved/disbursed commitments for the year totalled N1.25 billion, in addition to over N2 billion of the legacy portfolio being managed by the company.

FBN Bureau de Change Limited

FirstBank incorporated FBN Bureau de Change as a limited liability company to engage in the business of currency trading. It was granted a practising licence by the Central Bank of Nigeria on 15 January 2007.

Following the 2009 reforms to the operations of bureaux de change in the country, it upgraded its services, including payment of N500 million share capital to the Central Bank of Nigeria (CBN). On 1 June 2009, it thus became the first such institution in the country to acquire a Class A licence.

Since then, FBN Bureau de Change Limited has built a strong customer outreach capacity on the back of its parent bank’s extensive domestic sale network. It currently offers an expansive range of products/services under the product brand name 'First exchange', including personal and business travel allowances, sale and purchase of foreign currencies, remittance of school fees abroad, payment of medical fees abroad, payment of life insurance premiums and utility bills abroad, as well as mortgage payments.

FBN Microfinance Bank Limited

We established our microfinance business in January 2009 to provide financial services to low income clients, particularly women, the self-employed and micro-entrepreneurs, with limited or no access to traditional banking services. As part of the national effort at mainstreaming the shadow economy, our microfinance outfit is partnering with clients to help them grow their businesses, producing considerable economic multipliers along the way.