First Bank Rebrands to First Holdco Plc, Shareholders Approve N350 Billion Capital Raise.
First Bank of Nigeria (FBN) Holdings Plc, one of Nigeria’s oldest and most respected financial institutions, has officially received shareholder approval to change its name to First Holdco Plc. The decision, aimed at creating a uniform identity across its subsidiaries, was finalized during the bank’s 12th Annual General Meeting (AGM), held virtually on November 14, 2024.
Name Change for Uniform Brand Identity
The rebranding move includes transitioning from the legal name FBN Holdings Plc to First Holdco Plc, while the brand name will be simplified to FirstHoldco. The resolution will also be applied to all subsidiaries of the group. The announcement was made by Adewale Arogundade, the company’s Secretary, who emphasized the importance of a unified corporate identity to reflect the evolving nature of the business.
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In a formal statement, First Bank said:
“The change of legal and brand names from FBN Holdings Plc to First Holdco Plc and FirstHoldco, respectively, is aimed at streamlining the group’s identity across all subsidiaries.”
Approval for N350 Billion Capital Raise
In addition to the name change, shareholders have also sanctioned the bank’s plan to raise ₦350 billion in new capital. This fundraising initiative will be executed through a combination of public offerings, private placements, and rights issues. The capital boost is expected to enhance the company’s capacity to expand its operations and solidify its market position.
The statement from First Bank further elaborated:
“Upon completion of the processes for the name change and capital increase, the company’s Memorandum and Articles of Association will be amended accordingly to reflect the new legal name and issued share capital.”
System Migration Update
In related developments, First Bank has announced a scheduled system migration to a new cloud-based procurement and financial platform. The transition, which aims to improve efficiency, is set to take place from Saturday, October 26, 2024, with full operations expected to resume by Monday, November 4, 2024. The migration may temporarily disrupt certain banking services.
The rebranding, capital raise, and system upgrade mark significant steps in the bank’s strategic plan to modernize its operations and enhance customer experience across its extensive network in Africa and Europe.
