First City Monument Bank (FCMB) Plc is to establish a representative office at Prince George County in the United States of America as part of its offshore expansion programme.The board of the bank signed an agreement to this effect on October 3 in Lagos with the George County's Chief Executive, Jack B. Johnson who led a delegation of American businessmen to the country last week.
A statement issued by Johnson on Friday said the agreement pledged to bring a subsidiary or affiliate of the First City Monument Bank (FCMB) of Nigeria to Prince George's County .
"During the past week traveling throughout Nigeria , we have seen abundant opportunities, and FCMB symbolizesthem", Johnson said in a statement. "This is potentially a great deal from the people of Nigeria , as well as people in our country."
The 10-point agreement also outlined ways for Prince George's and Nigeria to encourage tourism and trade between them. The Head of Corporate Communications and Brand Management of FCMB, Mr. Tunde Shofowora, confirmed the existence of the agreement.
He, however, said the implementation of the agreement would be informed by the bank's business strategy and need to optimise the stakeholders' value as well as returns on investment.
FCMB is currently on the verge of raising the sum of N100 billion from the capital market and the international investment community. The bank hopes to raise N40 billion locally while the balance of N60 billion will be alloted to foreign investors.
The bank posted a profit of N7.5 billion in the 2006/2007 financial year which ended on March 31, and has continued to attract offshore funds as a result of the prospects for good returns symbolised by the growth in all its performance indicators.
sourced from This Day newspaper (October 6th 2007)
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