Papa Madiaw Ndiaye, CEO of AFIG Funds, said, 'We are pleased to become a shareholder in
FSDH, a well-established financial services group in Nigeria with exciting growth prospects, and a long track record of strong performance.
The Board of Directors of the African Development Bank (AfDB) approved $300 million and $50 million trade finance loans to First Bank of Nigeria (FBN) and
FSDH Merchant Bank Nigeria (
FSDH), respectively.
It is a leading provider of trade finance in Nigeria and a strong financier of the SME sector while
FSDH is Nigeria's largest merchant bank with a niche as a provider of finance and advisory support to emerging local corporates involved in transformative sectors such as manufacturing, industry and services and agribusiness thereby supporting job creation and import substitution.
It is a leading provider of trade finance in Nigeria and a strong financier of the SME sector while
FSDH is Nigerias largest merchant bank with a niche as a provider of finance and advisory support to emerging local corporates involved in transformative sectors such as manufacturing, industry and services and agribusiness thereby supporting job creation and import substitution.
The facility comprises both Naira and US dollar tranches from a consortium of Nigerian banks counting Zenith Bank, Guaranty Trust Bank, First Bank, United Bank of Africa, Fidelity Bank, Access Bank, Ecobank, Keystone Bank, First City Monument Bank,
FSDH Merchant Bank, Mainstreet Bank, Stanbic IBTC Bank and Union Bank.
The bank had recently received approval from the Central Bank of Nigeria (CBN) to become FSDH Merchant Bank Limited.
The name may have changed, but the FSDH culture remains the same.
While it required N15 billion to obtain the merchant banking licensing, the apex bank had completed a new banking model which informed the licensing of FirstRand and FSDH, stating that many foreign organisations were showing interest in the country and more would still be licensed, explained the CBN spokesman.
FSDH has also secured the final approval from the Central Bank of Nigeria (CBN) to become FSDH Merchant Bank Limited.
