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What is the implication of transforming to a Merchant Bank for your clients?

Becoming a Merchant Bank means we can now offer our clients more value adding products and services targeted at meeting their diverse banking needs, whilst still maintaining the same high level of service delivery.

What is the difference between a Discount House and a Merchant Bank?

A Merchant Bank has a broader scope of business options/activities.

What is the difference between a commercial bank and a Merchant Bank?

A merchant bank is a corporate and investment bank that does not handle retail accounts, thus the key difference is in the volume and nature of accounts operated.

Will FSDH business lines change?

Our core business of fixed income securities trading, corporate finance, stock broking and asset/portfolio management will be retained. In addition, we shall be able to handle foreign currency-denominated transactions.

Will FSDH Merchant Bank offer chequeing accounts?

In Nigeria, Merchant banks are not allowed to operate accounts from which withdrawals can be made by cheque.

How secure are investments made on behalf of clients?

FSDH is an organization that has been built on a heritage of trust and strong risk management principles, all targeted at ensuring the safety of our clients’ investments.

Does FSDH MB plan to embark on branch expansion?

At the present time the bank will maintain the current two-branch structure in addition to the Head office

What are the benefits of conversion to a Merchant Bank to the existing customers of FSDH?

As a Merchant Bank, we can provide additional banking services such as; foreign currency investments and transactions, international trade services (e.g. LC’s, bills for collection, domiciliary account services, payment of school fees/medical bills abroad etc), loans and advances, personal banking services, fixed deposits etc. in addition to all the services we rendered as a Discount House.

Learning from our past experiences about Merchant Banks, how about safety/ security of our funds?

Your funds are secure with FSDH Merchant Bank.  As a Discount House, we established a good track record that ensured the FSDH brand earned its excellent reputation over the last two decades (we successfully delivered our promises to our customers and never let them down). As a Merchant Bank, we intend to surpass this level of performance.

Can an individual open a domiciliary account with a Merchant Bank?

Yes, an individual or a corporate customer can operate a domiciliary account with FSDH Merchant Bank after meeting our KYC requirements and other conditions for the operation of domiciliary account.

Can I access a loan from FSDH Merchant Bank?

Customers can access a loan facility from FSDH Merchant Bank after meeting our Risk Acceptance Criteria.

Merchant banking again? I thought they were scrapped.

Merchant banks merged with other banks to become universal banks as a result of the N25Bn mandatory share capital requirement and the universal banking license policy of the CBN in 2005. However, the new CBN dispensation believes that banks should focus on core banking activities to avoid distraction and failure. Banks are now categorized according to specialization as; International, National, Regional, Merchant, Commercial and Micro-finance banks.

How can customers like us with small investments be accommodated now that you have converted to a Merchant Bank?

FSDH has subsidiaries with products to accommodate different classes of investors and we are happy to discuss these products with our existing and potential investors.

In view of our past and present experiences with service delivery from banks, do we expect something different from you?

We have always maintained a culture of quality service delivery, professionalism and integrity to our esteemed customers and we intend to continue with what we are known for.

Who will be involved in the new management?

Core professionals who are credible, capable and knowledgeable have joined the management team that took FSDH to its great height. However, the FSDH way of doing things has been institutionalized and our customers can be confident that current and future management teams will adhere to the company’s core values.