FCMB Group Plc a Nigerian tier-2 lender is keen on selling stakes in its second largest subsidiary, Credit Direct through an Initial Public Offering (IPO).
“In consumer finance we are the number one non-bank lender in Nigeria, through a subsidiary called Credit Direct Limited. A business that delivers market leading returns, a very high quality loan book. It is our plan to IPO this business sometime in the not too distant future,” FCMB Group CEO, Ladi Balogun said in a presentation.
Credit Direct has evolved to become a pure play fintech and money spinner for FCMB Group. It recorded after-tax-profit of N3.93 billion in the January to June 2024 period.
In 2024 Half Year period, FCMB Group profit before tax or PBT rose 68%, the Banking Group grew 47%, Credit Direct 154%, Investment Banking 110%, and Investment Management 33%.
FCMB a diversified financial services Group has launched its public offer seeking to raise N110.9 billion additional capital through the issuance of 15.197 billion shares at N7.30 per share.
This strategic move is part of the bank’s comprehensive plan to meet the Central Bank of Nigeria’s (CBN) capitalization requirements.
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