...FSB Implements Strategic Option
Banking
FSB International Bank Plc has begun in earnest the process of discussing with possible attractive merger candidates in the banking industry in order to strengthen the bank's capital base stipulated by the Central Bank of Nigeria. Some international financial institutions which have indicated keen interest in entering the Nigerian banking system are also, showing very strong interest in FSB largely as a result of the bank's strong corporate brand as well as its good standing in the Nigerian corporate market.
According to the bank, the steps already taken are a demonstration of its support for the N25 billion minimum capital base requirement. FSB International bank says it has accepted the challenges, which are in synchrony with the vision of the bank arrived at earlier in various strategic planning sessions.
The bank, which, had earlier resolved to be one of the top five banks within a space of five years explained that the objective would be achieved through a combination of organic growth and mergers and acquisitions stressing that the environment has only been made more clement to realize the bank's vision.
According sources within the industry, even though the identities of the International Financial Institutions will be revealed at the appropriate time. The bank explained that for strategic reasons, it would remain discreet on further details.
However, the bank disclosed that the expression of interest in FSB by the International Financial Institutions was based on their appraisal of its inherent strength, its corporate brand, deep knowledge of the local market and strong relationship with key players in the major sectors of the economy.
FSB's niche in the oil, gas and power sectors and the retail banking franchise were of particular interest to these International Financial Institutions.
One thing the bank also, has going for it, is the quality of its service delivery, which is aided by the state of the art technology. FSB has always been a trailblazer in the delivery of high quality value-added banking products. These attributes have made the bank very attractive to prospective local and international investors. The management we gathered is also, not resting on his oars, but continues to develop and implement initiatives to further strengthen the Bank and improve the value of the franchise.
Some of these initiatives according to our source include the drive to develop the bank's Investment Banking, Corporate banking, Retail and Electronic banking arms into centers of excellence. It also, include an aggressive drive towards low cost deposit mobilization, strengthening of its Risk Management model with better processes and template, strong emphasis on cost control management and a further streamlining of the structures, processes and procedures to improve service delivery and achieve faster decision making.
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