VOL. NO: 57      DATE:
 

Business News
  Home
  Editorial
  Top Stories
  Health Corner
  Agony Aunt
  Sports

About Us
Subscription
Advertise
Feedback
  Contact Us
 

 

AFRICAN ECHO BUSINESS NEWS
Complied by Cass Gilroy-Business Editor

FCMB and HSBC sign $100 million deal

HSBC, whose UK operation had previously said that it is not interested in doing business with black or African business people, has announced that it has struck a deal which gives a leading Nigerian bank access to millions of dollars in cash for investment in Nigeria.

First City Monument Bank (FCMB) will be able to access $100 million in a private agreement with the London headquarters of HSBC.

The agreement comes just after other foreign interests have bought a 15 per cent stake in the Nigerian bank.

This is the first agreement of its kind in the international capital market between a multinational and an African bank. And it is particularly surprising when you consider the original stance taken by the Chinese bank.

FCMB said that the facility is part of a deliberate strategy to fund growth plans through a combination of international debt and equity offerings. According to Tunde Sofowora, the bank expects to raise over US$1 billion in medium to long-term funding over the next 18 months in furtherance of this objective.

 

Please email your comments to
editor@africanecho.co.uk

 
 
Suite C, Queensway House, 275-285 High Street, Stratford, London, E15 2TF, UK
Tel: +44 (0) 208 534 2255 (Editorial), +44 (0) 208 534 2299 (Advertisements)
Fax: +44 (0) 20 8519 5564 Email: info@africanecho.co.uk
Terms & Conditions : Privacy Policy
Powered by:Alt N Solutions