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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.


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