Balogun explained that the public offer, expected to conclude by October, would be complemented by a private placement.
Looking ahead, he stated that the bank planned to raise N397bn through the selling of minority stakes in two of its subsidiaries, including the pension business and Credit Direct in 2025.
“We anticipate raising N89m to N90m from these sales, which will be injected into the bank to promote capital,” Balogun added.
He also disclosed that FCMB was in discussions with several offshore investors for a private placement.
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