First Bank of Nigeria (FBN) Holdings has officially announced a major rebranding, revealing that it will now be known as First Holdco Plc. This strategic move was approved by shareholders during the company’s 12th Annual General Meeting (AGM) held virtually in mid-November 2024. The name change reflects FBN Holdings’ shift from a traditional banking structure to a more diversified financial services group, expanding its reach beyond banking into sectors like insurance, asset management, and other financial services.
The decision to rebrand is a part of FBN Holdings’ broader strategy to create a more flexible and agile holding company model. The new name, First Holdco Plc, will be extended across all subsidiaries of FBN Holdings, ensuring a consistent corporate identity. This restructuring allows the company to better manage its expanding portfolio and reflects its focus on building a more diversified and robust financial institution. Shareholders have shown strong support for this transition, seeing it as a necessary step for the company to remain competitive and meet the demands of a rapidly evolving financial landscape.
FBN Holdings’ rebranding to First Holdco Plc underscores its ambition to strengthen its position in both the Nigerian and international markets. By adopting a holding company structure, FBN Holdings can more effectively manage its diverse operations and better adapt to emerging opportunities in the financial services sector. This shift also positions the company to engage in more strategic investments and acquisitions, increasing its global competitiveness as the financial industry becomes more globalized and technology-driven.
Along with the name change, FBN Holdings has announced plans to raise up to ₦350 billion through various mechanisms, including a public offering, private placements, and rights issues. This significant capital raise is aimed at boosting the company’s financial strength and enabling further investment in its diversified business units. The capital raised will be used for expanding the company’s digital banking capabilities, funding new ventures, and reinforcing its capital base to better navigate market challenges.
The rebranding also includes updates to the company’s corporate structure and operational strategy, which will be applied across all subsidiaries. Notably, First Bank of Nigeria, the group’s largest subsidiary, will continue to operate under its familiar name, ensuring stability while the parent company adopts its new identity. Other subsidiaries like FBNQuest, FBN Insurance, and FBN Life Insurance are expected to update their branding to align with the First Holdco name, creating a unified and modern corporate image across the group.
Looking ahead, FBN Holdings’ transformation into First Holdco Plc is expected to strengthen the company’s leadership in the financial services sector. By diversifying its portfolio and embracing a more flexible corporate structure, the group is positioning itself to compete more effectively against both traditional banking institutions and emerging fintech companies. This strategic rebranding is a pivotal step in ensuring that First Holdco Plc remains a dominant player in Nigeria’s financial services industry and continues to expand its footprint on the global stage.
