FCMB gets recognition in retail banking

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The FCMB Group has got new recognition in the banking space as the group steps up efforts to boost its services.

Two of its subsidiaries, First City Monument Bank and First City Asset Management Limited, emerged as the “Most Improved Retail Bank in Nigeria’’ and the “Best Managed Fund in Equity’’, respectively, at this year’s BusinessDay Banking Awards held in Lagos.

The financial services company said the development was a testimony that the initiatives being driven by the subsidiaries in the areas of service, products offering, operations and value addition to enhance customer experience were yielding the desired results.

While FCMB is the retail, commercial and corporate banking arm of the group, First City Asset Management Limited is the investment management services arm of CSL Stockbrokers Limited, another subsidiary of the group.

The BusinessDay Banking Awards, organised annually by BusinessDay, identify, acknowledge and commend those who have contributed tremendously to the nation’s banking sector and the growth of the nation’s economy in each financial year, according to the group.

In a statement on Monday, the group said the awards committee employed qualitative and quantitative criteria in the process of identifying and selecting winners.

The parameters used for the conferment of the awards on the FCMB and the FCAM included loan growth, loan/deposit ratio, capacity adequacy ratio, analysis of distribution of loans across sectors, return on average assets, performances across business segments, timely release of financial results and presence of investor/analyst’s presentation on corporate website.