FinBank
Encyclopedia
FinBank Plc., also referred to as Finbank, is a commercial bank
in Nigeria
. It is one of the twenty-five (25) commercial banks licensed by the Central Bank of Nigeria
, the country's banking regulator.
. , the bank's total assets were in excess of US$3 billion, with shareholders' equity of approximately US$70 million. The stock
of FinBank is listed on the Nigerian Stock Exchange, where it trades under the symbol: FIBP.
, found nine (9) Nigeria
n commercial banks to be under-capitalized. FinBank was one of them. The Central Bank rescued the nine banks with bridge funding until permanent investors could be found to provide new capital to meet statutory limits. In November 2010, both FinBank and First City Monument Bank (FCMB) announced that FCMB has expressed interest in acquiring shareholding and become the strategic investor in FinBank.
, five (5) of whom are executive directors and ten (10) are non-executive. Theo Chike Osanakpo, one of the non-executive Directors is the Chairman of the Board, having served in that capacity since 2006. Suzanne Iroche is the Group Managing Director and Chief Executive Officer
, serving in that capacity since 2009.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
. It is one of the twenty-five (25) commercial banks licensed by the Central Bank of Nigeria
Central Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
, the country's banking regulator.
Overview
FinBank is a large financial services provider in West AfricaWest Africa
West Africa or Western Africa is the westernmost region of the African continent. Geopolitically, the UN definition of Western Africa includes the following 16 countries and an area of approximately 5 million square km:-Flags of West Africa:...
. , the bank's total assets were in excess of US$3 billion, with shareholders' equity of approximately US$70 million. The stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of FinBank is listed on the Nigerian Stock Exchange, where it trades under the symbol: FIBP.
History
The bank was established in 2006, as First Inland Bank Plc, by the merger of four (4) indigenous financial services institutions namely: (a) First Atlantic Bank Plc, (b) Inland Bank Plc, (c) NUB International Bank Limited and (d) IMB International Bank. In September 2008, First Inland Bank rebranded as FinBank. In 2009, the Central Bank of NigeriaCentral Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
, found nine (9) Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
n commercial banks to be under-capitalized. FinBank was one of them. The Central Bank rescued the nine banks with bridge funding until permanent investors could be found to provide new capital to meet statutory limits. In November 2010, both FinBank and First City Monument Bank (FCMB) announced that FCMB has expressed interest in acquiring shareholding and become the strategic investor in FinBank.
Subsidiaries
The bank maintains the following subsidiary companies, as of November 2010:- FinBank Registrars Limited - (FinRegistrars)
- FinBank Securities & Asset Management Limited - (FinSec)
- FinBank Capital Limited - (FinCapital)
- FinBank Insurance Company Limited - (Finsurance)
- FinBank Insurance Brokers Limited - (FinBrokers)
- FinBank Homes Limited - (FinHomes)
- e-Frontiers Technologies Nigeria Limited - (eFTN) - LagosLagosLagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
, NigeriaNigeriaNigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in... - e-Frontiers Technologies Ghana Limited - (eFTG) - AccraAccraAccra is the capital and largest city of Ghana, with an urban population of 1,658,937 according to the 2000 census. Accra is also the capital of the Greater Accra Region and of the Accra Metropolitan District, with which it is coterminous...
, GhanaGhanaGhana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south... - Arab Gambia Islamic Bank Limited - (AGIB) - BanjulBanjul-Transport:Ferries sail from Banjul to Barra. The city is served by the Banjul International Airport. Banjul is on the Trans–West African Coastal Highway connecting it to Dakar and Bissau, and will eventually provide a paved highway link to 11 other nations of ECOWAS.Banjul International Airport...
, Gambia
Governance
The governing body of FinBank is the fifteen (15) member Board of DirectorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
, five (5) of whom are executive directors and ten (10) are non-executive. Theo Chike Osanakpo, one of the non-executive Directors is the Chairman of the Board, having served in that capacity since 2006. Suzanne Iroche is the Group Managing Director and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
, serving in that capacity since 2009.