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FirstBank, FBN (Merchant Bankers)
and MBC International Bank - What You Need to Know
Introduction
About FirstBank
Merger Time-table
Benefits of Becoming a FirstBank
Customer
Your Account(s) and
balance(s)
Products and Services
Branch Network
Your current cheque books
Service Quality
Understanding and supporting
you and your business
Privacy
Introduction
Dear Valued Customers,
We have had the great pleasure of being your bankers and,
over time, have developed a mutually rewarding relationship
with you. We are proud of the ground we have covered
together and also appreciate the trust you have reposed in
us over the years.
Since the announcement of the banking reforms by the Central
Bank of Nigeria in July 2004, we have thoroughly
contemplated the options available to us in the changing
financial landscape. Our primary consideration has been to
ensure that the interests of our customers and of other
stakeholders are properly served. To this end, the
Management and Board of Directors of our respective banks
have approved the consolidation of our businesses in
furtherance of our strategic goals of growth and expansion.
The emergent bank will operate as First Bank of Nigeria Plc
(FirstBank), one of the most stable and highly respected
financial institutions in the West African sub-region. Over
time, FirstBank has distinguished itself as the leading
provider of financial services and today is the most
profitable bank in the sub-region.
With a post-consolidation asset base of over N510 billion,
expansive branch network and a broad range of financial
products and services, our combined operations will give us
a wider reach and greater capabilities for delivering value
- adding banking services to you.
We have commenced the alignment of our operations and expect
that you will begin to enjoy some of the benefits of this
integration shortly. We wish to assure you that every effort
is being made to ensure that our integration process is
smooth and causes minimal disruption to our services.
We thank you for your patience and understanding during this
business combination period and welcome you to a new world
of opportunities with FirstBank.
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About
FirstBank
First Bank of Nigeria Plc was incorporated in 1894, and has
emerged as one of the most stable and highly respected
financial institutions in the West African sub-region. Over
time, the Bank has distinguished itself as a leading
provider of financial services and today is the biggest and
most profitable bank in Nigeria.
FirstBank also has a representative office in South Africa
and a subsidiary bank in The United Kingdom (the first
Nigerian bank to be licensed by the British Government). We
firmly believe that FirstBank is the ideal partner with the
pedigree, scale and reach to enable us continue to meet your
requirements for robust financial solutions and a rewarding
banking experience.
As part of the consolidation process, FirstBank will merge
with MBC International Bank and FBN (Merchant Bankers). The
new FirstBank will have a combined asset base of over N510
billion, an expansive branch network and ATM outlets, and a
broad range of financial products and services. The emergent
bank will combine the commercial banking capabilities of
FirstBank with the unique expertise of FBN (Merchant)
Bankers and MBC International Bank in corporate and
investment banking. Our combined operations will, therefore,
enable a wider reach and greater capabilities for providing
value-adding banking services.
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Merger
Timetable
In compliance with the reform deadline, the legal merger of
our businesses will be completed before the end of 2005. At
that point, the three banks will officially assume one
identity. However, based on our integration timetable, we
will only begin operating as one unified bank on the 3rd of
January 2006.
Upon completion of our operational integration, you will
become a customer of FirstBank.
Benefits of
becoming a FirstBank
Customer
You will belong to a bigger and stronger bank, the largest
in Nigeria and one of the largest in the West African
sub-region. You will be able to conduct your banking
transactions with greater ease and convenience through any
FirstBank branch across Nigeria.
In addition, you will have access to a wider range of
alternative service delivery channels including ATMs
nationwide, our mobile banking, telephone banking services,
and internet banking.
FirstBank's extensive suite of financial products and
services including debit and credit cards, deposit and loan
facilities, and an expanded range of investment products
will also be available to you.
Your
Account(s) and balance(s)
Your account and account balances will remain intact.
However, as a customer of FirstBank, you will receive a new
FirstBank account number. The new FirstBank account number(s)
will be part of the process of setting you up as a customer
of FirstBank. Details of your new FirstBank account(s),
including all account balances, will be sent to you for
verification.
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Products and Services
FirstBank has a rich and diverse portfolio of
products and
services that cater to a broad array of financial needs
and requirements. You will have access to products similar
to those you currently use and much more!
As a successor-in-title to all current contract-based
transactions, FirstBank will assume contractual terms and
conditions upon consummation of our merger. Therefore,
current terms and conditions on transactions including loans
and advances, term deposits etc will be maintained until
maturity.
Branch Network
We are committed to ensuring that this transition occurs
with minimal inconvenience to you. Therefore as much as
possible, your current branch will remain the home branch of
your FirstBank account. We will also retain our customer
care and relationship management structure during this
period.
Your current cheque books
The Central Bank of Nigeria has set a deadline of June 2006
for all consolidated banks to issue new cheque books.
However, we are taking a proactive step to ensure that you
receive your FirstBank cheque books by April 2006.
You may continue using your current cheque books until you
are issued a new FirstBank cheque book. We will match
cheques from your current cheque book to your new FirstBank
account. Chequeing operations on your account shall not be
impacted by the integration process.
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Service Quality
FirstBank takes advantage of scale and reach to provide
quality customer service that can not be easily matched.
Customer service representatives and relationship managers
provide each customer attentive and responsive service.
Quality and speed of service are very important
considerations in FirstBank. The bank has aggressively
deployed alternative service delivery channels nationwide
including:
- ATMs nationwide. As one of the pioneering
member banks in InterSwitch and the ATM Consortium,
FirstBank customers also have access to all ATMs on these
networks
- Online Banking via 1stBankonline.com
- Mobile/SMS banking
- Telephone banking.
These alternative service delivery channels make it possible
to perform banking transactions like cash withdrawals,
account balance, bills payment etc. without visiting a
branch or joining a queue. By empowering you to conduct your
account transactions FirstBank brings quality and efficient
services closer to you.
Understanding and supporting you
and your business
FirstBank has been a pioneering force in shaping the
commercial and economic landscape of Nigeria for over a
century and possesses a uniquely deep appreciation of the
personal and commercial financial needs of customers.
FirstBank also has vast experience and understanding of the
needs of every category of banking customer from individuals
to small and medium sized businesses and large multi-billion
naira corporations.
FirstBank is absolutely committed to the success and growth
of the bank's customers and their businesses.
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Privacy
FirstBank has a deep respect and understanding of your need
for privacy. The confidentiality of customers and their
transactions is taken very seriously. As a result, the bank
has taken time to develop a well articulated privacy policy
to address customer concerns.
First Bank of Nigeria Plc will not disclose personally
identifiable customer information to any third party. The
only circumstances under which FirstBank will disclose
information about customers are
with explicit consent of the customer to do so if
required by law.
Click here for more information
about our privacy policy
Further information
More information will be provided in subsequent
communication on changes that will take place over the next
few months and how these changes will affect you.
Should you have any questions about the merger process or
require further clarification, please contact your account
officer or any Customer Service Representative
or call the designated Hotlines listed below.
FirstBank : 01-4613043
FBN(MB) : 01-2646315
MBC : 01-2707197
You may also send email to any of the
following addresses:
consolidationone@firstbanknigeria.com
consolidationone@fbnmb.com
consolidationone@mbc-nig.com
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