Banking Briefs, BREAKING NEWS
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THE First Bank Nigeria, FBN, Holdings Plc, has unveiled a new corporate identity for the holding company as well as all its subsidiaries. The financial institution explained that the new identity reflects its strategic direction, adding that it positions the company to meet the future needs of the market.
Bello Maccido, chief executive officer, FBN Holdings, said the new identity was an important milestone as well as the culmination of much hard work by the company. “We are committed to building a financial institution that consistently supports growth and that celebrates and showcase the unique characteristics of the diverse nations on our continent and we believe that our continued success will be built on the principle that we will add value nationally, regionally and at continental level,” he said.
Folake Ani-Mumuney, head marketing and corporate communications, said that the change in the bank’s logo signified a refreshed identity which embodies the bank’s internal values and the direction we are heading in as a group. She said that since 1894 when First Bank was created, the financial institution has established itself as a brand of strength and dynamism, with the vision to be the leading international financial services group in Africa.
According to her, the iconic African elephant has been a robust symbol of strength and growth for FBN Holdings and all its subsidiaries, establishing the organisation as a clear leader in the financial services industry. “The raised head of the elephant in our refreshed identity is our promise to all customers that with us in their corner, every financial challenge they face, they can face with their head held high,” Ani-Mumuney added.
She added that the deep blue colour on the new logo represents momentum, innovation and evolution. These principles, she said, would ensure that FBN continues to develop solutions at the heart of all the institution’s challenges. She said that the raised foot of the elephant is a promise that we will always put our best foot forward for each and every one of our customers. Finally, the adoption of complimentary colours platinum and gold in to our logo, precious metals identified with value, serves as a reminder of the inherent value and durability of our brand.
Access Bank builds Capacity of Contractors
ACCESS Bank Plc has unveiled a series of capacity development initiatives for its contractors. The initiatives are to build innovative partnership that seeks to provide strategic solutions to enhance their operational efficiency. Titi Osuntoki, executive director, business banking division, said that the bank aims to be a Tier 1 SME bank and seeks to achieve this through integrated partnership and the provision of proactive business banking solutions, which makes its contractors winners in all fronts.
She said: “These banking solutions have been designed to redefine contractors banking relationship experience which is geared towards growing their businesses and increasing their capacity to handle big projects without financial encumbrances. These solutions include MPower salary account, working capital finance, payroll management, loans and advances and financial support through asset acquisition, among others.”
According to the executive director, the bank is equally offering other strategic business support initiatives ranging from capacity development to networking hub through a specialised SME desk saddled with the responsibility of providing field business support and financial advice. She said the bank had consistently positioned itself as the SME bank of choice through its commitment to economic empowerment of individuals and growing entrepreneurs.
This, the bank said, was being achieved through a partnership with identified critical segments of the economy, which are already benefiting from its empowerment programme, adding that the bank had created a full division business banking to support the needs of the SME sector in Nigeria.
Stress Test for European Banks
THE European Union’s, EU, top banking regulator said that the largest banks in Europe will be showing its capital won’t dip below 5.5 percent of their assets in an economic crisis. The exercise, which will examine about 124 banks that cover more than half of each EU member state’s banking industry, is scheduled to begin by the end of May, the European Banking Authority, EBA, said adding that the results will be published by the end of October.
According to a Bloomberg report, the EBA’s so-called core-equity Tier 1 requirement is less than the six percent proposed by the European Central Bank, ECB, according to two euro-area officials with knowledge of the discussions last month. The lenders will be tested on resilience to credit, market and sovereign risk, securitisation and cost of funding. Both trading and banking book assets will be tested, according to the authority.
The EBA methodology also forms the basis for the ECB’s own stress test which is part of the effort to take over supervision duties from domestic regulators in the euro area in November. The Nigerian Securities and Exchange Commission’s, SEC, investigation last month into Ecobank Transnational Incorporated highlights the regulatory risks facing pan-African companies. Nigeria’s SEC investigated Ecobank concerning a plan to sell assets below market value and have asked the bank to develop a one-year plan so as to address the governance issues.
Compiled by Chinwe Okafor
— Feb. 17, 2014 @ 01:00 GMT
Tags: Access Bank Plc Bello Maccido chief executive officer EU executive director FBN FBN Holdings First Bank Nigeria Folake Ani-Mumuney Holdings Plc Nigerian Securities and Exchange Commission The European Union Titi Osuntoki
