FBN Holdings, the parent company of First Bank, has officially rebranded First Bank as First Holdco Plc in a significant move aimed at strengthening its competitive edge in the financial sector. The decision, approved by shareholders during the 12th Annual General Meeting (AGM) conducted virtually last Thursday, marks a pivotal moment in the company's evolution.
The rebranding initiative will extend to all subsidiaries under the First Bank umbrella, emphasizing a cohesive identity across its operations. In an official resolution, the company confirmed the transition, stating, “There should be a change of the legal and brand names of the company from FBN Holdings Plc to First Holdco Plc, and this change will be reflected across all subsidiaries.”
In conjunction with the rebranding, shareholders also sanctioned a substantial capital raise of ₦350 billion to support the company's growth initiatives. Plans include the sale of shares to private investors and existing shareholders through various methods such as public offerings and rights issues. This capital infusion is aimed at bolstering the firm’s market position both domestically and on the international stage.
The name change and capital increase underscore FBN Holdings' commitment to adapting to evolving market dynamics. The Board of Directors highlighted that the rebranding aligns with the company’s new vision while they secure necessary regulatory approvals for the proposed capital initiatives.
This transformation signifies FBN Holdings' ongoing efforts to execute its strategic roadmap, ensuring it maintains its status as a prominent player in Nigeria's financial landscape.
