The Sun News On-line|Money Market

First Bank of Nigeria Plc has received approval from Central Bank of Nigeria (CBN), to provide Global Custody Services, as part of its custody business.

Consistent with the need to take advantage of globalisation and the development of the domestic financial market, First Bank considers it strategic to provide non-pension and general custody services that would manage local assets and the inflow of foreign portfolio investment (FPI) arising from the ongoing economic reforms in the country.

According to Bola Adesola, Executive Director Corporate Banking, “With the Global Custody Services, First Bank is poised to attract institutional/individual investors - mainly foreign banks, funds and portfolio managers - that require the following services in the Nigerian market: Trade and Transaction Settlements, Safe-Keeping (Custody), AssetRegistration, Nominee Services Safe Keeping Income Collection Corporate Action Services Cash Management Services In due course, other services will be introduced, as the bank integrates its operations fully with the market infrastructure.”

She said: “The provision of these services by First Bank is backed by robust cutting edge technology and skilled human resources to facilitate seamless delivery. We commenced operations in the last quarter of 2006 and have secured active relationships leading to an impressive growth in assets under custody.”
While Femi Bakare, Group Head, Multilaterals and Financial Institutions Group said, “True to our name, the First Bank Group is the first wholly Nigerian financial institution to establish a dedicated sub-custody operation to service global investors, and a local custody operation to provide services to non-pension assets and fund management companies (all-in-one) in Nigeria.’ First Bank, is fully prepared to provide excellent custodial services to its current and prospective customers in a dependably dynamic manner.”