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First City Monument Bank (FCMB) has issued a seven-year bond by way of a book-building with Standard Chartered Bank, local investment bank Chapel Hill Denham and FCMB Capital Markets as book runners.
A statement issued by the bank said the offer was fully subscribed.
Business Hilights recalls that in November 2016, FCMB said it wanted to raise funds to strengthen its capital base but it halved the amount it planned to raise to 7.5 billion naira in debt after announcing a bond sale of up to 15 billion naira three months earlier.
Also last year the lender closed some branches and slowed loan growth to conserve its capital, which was close to the regulatory limit of 15 percent of assets at mid-year.
Chief Executive Officer of the bank, Ladi Balogun said then it was undertaking the capital raising to provide an additional cushion.
