By MICHAEL EBOH
First Securities Discount House Limited (FSDH) said it has concluded arrangements to expand its frontiers and offer a broader range of services to its clients thereby, deepening its client relationships, in line with the recent approval it secured from the Central Bank of Nigeria (CBN) to commence merchant banking operations.
According to a statement by Mr. Rilwan Belo-Osagie, Managing Director, FSDH, the company has obtained the final approval from the CBN to commence merchant banking operations in Nigeria, meaning with the approval, the company will convert from operating as a discount house to a merchant bank, with a new name – FSDH Merchant Bank Limited.
He said FSDH is particularly grateful to the CBN, in respect of this approval and believes that it is a strong indication of the apex bank’s belief in the company’s capabilities.
Belo-Osagie further stated that the company is excited by this development as it will enable the company to offer a broader range of services to its clients thereby, deepening its client relationships and expanding its frontiers.
According to him, whilst the company does not underestimate the challenges that it will face, it is however confident that with its corporate culture of customer orientation, high performance, image building, collaboration and learning, all obstacles that may come its way can be surmounted.
He said, “In continuation of the company’s tradition as a pioneer in the finance industry, FSDH has become one of the first merchant banks to be awarded a licence in Nigeria since the repeal of Universal Banking by CBN in 2010.
”Since March 1993 when FSDH began operations as the first discount house in Nigeria, the company has become a financial services group focused on delivering expert financial services to its select clientele, thereby assisting them in achieving their financial goals.
”In order to retain the brand essence and strong brand equity, the company has decided to adopt the name, FSDH Merchant Bank Limited.