First Bank of Nigeria (FBN) Holdings Plc has rebranded to First Holdco Plc, following approval from the company’s shareholders, as was disclosed in a statement by the company secretary, Adewale Arogundade.

The bank’s shareholders agreed that the institution’s name be changed to First Holdco to accommodate the company’s diverse offerings at the annual general meeting on November 14. The 2024 AGM was held virtually last Thursday.

Arogundade acknowledged in a statement issued over the weekend that the resolution applies to all of FBN Holdings’ subsidiaries.

The authorised modifications include changing the company’s brand name to FirstHoldco and its legal name from FBN Holdings Plc to First Holdco Plc.

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The statement from First Bank reads,

“That there should be a change of the legal and brand names of the company from FBN Holdings Plc and FBN Holdings to First Holdco Plc and FirstHoldco, respectively.

“That the change of legal and brand names should be extended to the subsidiaries of FBN Holdings Plc.

“That the directors be and are hereby authorised to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including, without limitation complying with the directives.”

The shareholders also approved the appointment of new directors which include Adebowale Oyedeji as the new Managing Director; Olusegun Alebiosu and Dr Abiodun Fatade as Non-Executive Directors; Kofo Dosekun, Dr Alimi Abdul-Rasaq and Dr (Sir) Peter Aliogo as Independent Non-Executive Directors.

First Bank to raise N350 billion capital 

In a similar matter, the shareholders agreed to allow FBN Holdings’ raise N350 billion by issuing additional shares through private placement and public offering.

“That upon completion of the processes for the change of name, increase of the company’s share capital, and allotment of the new ordinary shares, following the resolutions above, the Memorandum and Articles of Association of the company be amended as necessary to reflect the company’s new legal name and Issued share capital,” the statement added.

How GTBANK rebranded to GTCO in 2021

This is not the first time a first tier bank would rebrand. In July 2021, Guarantee Trust Bank Plc (GTBank) was reorganised into a holding company, and changed its name to Guarantee Trust Holding Company Plc (GTCO Plc). In the reorganisation, GTBank’s logo was changed and renamed from GTBank to GTCO.

The transition allowed it to offer other services beyond banking such as asset management, pension management, and payments.

GTCO Plc is listed on both the London Stock Exchange and the Nigerian Exchange (NGX) Limited. It serves as the parent company for all Guarantee Trust banking operations in the UK and Africa.

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About FirstBank 

First Bank of Nigeria Limited (FirstBank), as a premier bank in West Africa, has been the top financial inclusion services provider in Nigeria for 129 years.

FirstBank offers its more than 36 million clients a wide range of retail and corporate financial services through its more than 750 company locations and more than 200,000 banking agents located in 99 percent of Nigeria’s 774 LGAs.

With subsidiaries that operate in nine additional nations, the financial institution has a global footprint. FBNBank in Ghana, FBNBank in Guinea, FBNBank in Senegal, FirstBank (UK) Limited in London and Paris, FirstBank in The Gambia, FirstBank Sierra-Leone, FirstBank in the Republic of Congo, and a Representative Office in Beijing, China are some of these subsidiaries.

The West African premier bank had issued more than 12 million cards to its Nigerian customers, thereby leading the charge to promote digital banking.