Home Banking FCMB to raise N30bn to finance short term needs

FCMB to raise N30bn to finance short term needs

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December 14, 2020

First City Monument Bank Limited, a subsidiary of First City Monument Bank Group Plc, has said it is undertaking a Commercial Paper Issuance under its N100bn programme.

This was contained in a regulatory filing to the Nigerian Stock Exchange.

The CP has a tenor of 260 days to raise up to N30bn to support the bank’s short-term funding needs.

Part of the statement read, “FCMB Group Plc hereby notifies the Nigerian Stock Exchange and its esteemed shareholders that one of its subsidiaries, First City Monument Bank Limited, is undertaking a Commercial Paper Issuance  under its N100 billion-naira CP programme.”

The CP serves as an additional funding source for the bank, the statement explained.

NIPC INTELLIGENCE

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