First Bank To Adopt First HoldCo as New Name
By Correspondent
One of Nigeria’s foremost banks, FBN Holding Plc, has announced plans to change its name to First HoldCo Plc. The new name will be debated at the company’s Annual General Meeting (AGM), where shareholders are expected to approve it.
The bank disclosed that another essential item at the next AGM is the issuing of 5,982,548,799 ordinary shares of 50 kobo each at N25 per share.
The bank announced this in a notice of its AGM signed by acting company secretary Adewale Arogundade. Reports have it that the name change is one of the several decisions the bank’s shareholders will consider at the AGM.
The company’s rebranding will also extend to its subsidiaries across Africa. The notice reads: “The shift to “First Holdco Plc” represents a significant moment for FBN Holdings, aiming to modernise its identity and streamline its corporate structure. First Bank reveals the reason for the proposed name.
According to the bank, the change is expected to better reflect the firm’s evolution into a diversified financial services group while maintaining its legacy as one of Nigeria’s oldest financial institutions, with over 130 years of legacy.
The notice disclosed that by extending the bank’s new look across all subsidiaries, it seeks to present a cohesive brand that boosts its market position and aligns with its long-term strategic vision. It stated that the move comes at a time when it is actively working to solidify its capital structure and fortify its balance sheet.
It said that a critical item at its AGM includes the firm’s revised rights issue, involving issuing 5,982,548,799 ordinary shares of 50 kobo each at N25 per share. It stated that the offer is based on one new ordinary share for every share held as of October 18, 2024.
The statement said: “The name change to “First Holdco Plc” aligns with this strategic direction, marking a new chapter for the company’s growth and expansion efforts.
“The upcoming AGM is expected to be a pivotal moment in FBN Holdings’ transformation as it positions itself for future growth and market leadership.”
