In a corporate filing submitted to the Nigerian Exchange (NGX) on March 9, 2026, the Group disclosed that the Securities and Exchange Commission (SEC) approved the allotment of 23.18 billion ordinary shares to successful applicants.

The offer, which opened on October 2, 2025, and closed on November 6, 2025, initially sought to raise funds through the sale of 16 billion ordinary shares at N10 per share.

Final results, however, show that demand went beyond expectations, enabling the financial group to raise additional capital and strengthen its position as it works to retain its international banking licence.

Strong Investor Demand

Figures contained in the allotment schedule reveal strong participation from both retail and institutional investors.

A total of 25,855 applications were received for more than 24.08 billion shares, representing an oversubscription of about 50.5% above the 16 billion shares initially offered.

After a verification process by the Central Bank of Nigeria (CBN), 25,825 applications were confirmed as valid.

FCMB Group subsequently absorbed a large portion of the excess demand, resulting in the allotment of 23,182,887,000 ordinary shares.

Breakdown of the Allotment

The allotment structure was designed to maintain broad investor participation.

According to the document signed by Olufunmilayo Adedibu, company secretary of FCMB Group Plc, most successful applicants received full allocations.

• Full allotment: 25,820 applicants received 100% of the shares they applied for after meeting all regulatory requirements.
• Partial allotment: Applications covering about 24.1 million shares were only partially verified, leading to an allotment of 23.4 million units.
• Rejected applications: About 30 applications were disqualified due to incomplete Know Your Customer (KYC) documentation or failed payment verification.

Planned Use of the Capital

Group Chief Executive Officer Ladi Balogun had earlier outlined how the new capital would be deployed under the bank’s “FCMB 3.0” growth strategy.

The largest portion of the proceeds, about 85.49% or N133.87 billion, is earmarked for business expansion, particularly lending to small and medium-sized enterprises and retail customers.

Another 11.12% (N17.4 billion) will go into strengthening the Group’s technology infrastructure, including cybersecurity systems aimed at reducing digital fraud risks.

The remaining 3.39% (N5.3 billion) will be used for staff development, training and talent retention across the Group.

Meeting the Recapitalisation Threshold

In a follow-up notice to the market, FCMB Group also confirmed that it has crossed the N500 billion capital threshold required for banks with international licences.

The successful capital raise is expected to strengthen the bank’s capital adequacy and improve its ability to compete with larger Tier-1 banks, particularly as opportunities expand under the African Continental Free Trade Area (AfCFTA).

Share Credit and Refunds

The Group said successful applicants should expect their accounts at the Central Securities Clearing System (CSCS) to be credited on or before Monday, March 23, 2026.

For applicants whose subscriptions were unsuccessful or partially refunded, CardinalStone Registrars will begin processing refunds, including accrued interest where applicable, starting from Friday, March 13, 2026.

With the recapitalisation exercise completed, attention in the market is expected to shift to FCMB Group’s first-quarter 2026 financial results to assess how quickly the additional capital supports growth and lending activities.

The achievement comes as the Central Bank of Nigeria’s (CBN) ambitious recapitalisation drive, introduced in 2024, continues to reshape the sector ahead of a March 31, 2026 deadline for compliance.

Under the revised financial framework, banks must meet new minimum capital thresholds to determine their operating licences: ₦200 billion for national banks and ₦500 billion for international banks.

According to regulatory filings, FCMB crossed the national benchmark after completing a ₦147.5 billion public share offer in 2024, enabling its flagship banking subsidiary to secure uninterrupted domestic operations.

A spokesperson for the Group stated that securing the national licence strengthens FCMB’s position in the domestic market and provides continuity as the company advances toward meeting the higher requirements for an international licence.

Plans to reach the ₦500 billion threshold include a ₦160 billion share offer launched in late 2025 and a shareholder-approved programme of up to ₦400 billion, pending regulatory approvals.

Speaking on the capital-raising strategy, analysts say FCMB’s phased approach reflects both market confidence and strategic flexibility.

By first ensuring compliance at the national licence level, the bank has alleviated near-term regulatory pressure while preparing for broader expansion opportunities in Africa and beyond.

The broader recapitalisation exercise has prompted varied responses across the sector. While several larger lenders such as Access Bank, Zenith Bank, and Guaranty Trust Bank have already cleared the international licence threshold, other mid-tier and regional banks are opting for phased compliance.

This divergence highlights different strategic priorities and capital-raising pathways among Nigerian banks.

As FCMB continues its phased recapitalisation efforts, industry watchers expect the bank to leverage its strengthened capital base to support business growth, digital innovation, and expanded lending capacity, especially within Nigeria’s thriving corporate and retail segments.

With compliance at the national level secured and plans for international licence fulfilment actively underway, FCMB’s progress reflects a broader momentum in Nigeria’s banking sector, one that aims to better support economic activities, attract investment, and sustain financial stability in an increasingly competitive global market.

According to financial results filed with the Nigerian Exchange Group (NGX), the group reported gross revenue of N828.1 billion, a 40.9% increase from N587.7 billion in the previous year. This growth was driven by a 64.7% rise in interest income.

The company’s Non-interest income declined by 33.8% in Q3 2025, as a result of a N54.6 billion Year-on-Year decline in the nation’s currency revaluation.

FCMB’s Net interest income advanced by 101.9% to close at N350.8 billion for the period ended, from the N173.8 billion declared in the preceding year. The yield on earning assets appreciated to 21% Year-on-Year, leading to a growth in Net Interest Margin to 10.1% for 9M 2025 from 6.3% announced as at in Full-Year 2024.

The corporation’s operating expenses rose by 41.3% to close at N238.9 billion on a Year-on-Year basis. This is as a result of cost growth due to increased personnel costs, regulatory operating costs (AMCON, NDIC), technological costs, and the expenditures due to the group’s business expansions. The cost-to-income ratio declined to 55.5% from the 59.99% recorded previously.

The Net impairment loss on financial assets appreciated by 28.6% to N57.1 billion as the group’s subsidiary exited the CBN loan forbearance, which led to a growth in cost of risk to 2.8% from 1.8% declared for Full-Year 2024.

The Profit-before-tax advanced by 46% to close at N134.5 billion, while the Profit-after-tax rose by 52% to N125.4 billion. This led to a strong uplift in the Return-on-Average-Equity of the company from 12.7% to 22.5% on a Year-on-Year basis. The Equity-per-Share was up from N2.46 to N3.91 from Full-Year 2024 to September 2025.

FCMB divisions declared a Profit-before-tax growth of: Consumer Finance (78.5%), Banking Group (68.8%), Investment Management (27.6%), and Investment Banking (-34.6%).

The Profit-before-Tax contributions of the Group’s divisions are Banking Group (83.2%), Consumer Finance (11.6%), Investment Management (4.6%), and Investment Banking (1.3%).

The Total assets advanced by 2.5% to close at N7.23 trillion, up from N7.05 trillion at the end of December 2024. The loans and advances decreased by 2.9% to N2.29 trillion in Q3 2025. This was as a result of currency revaluation, loan write-offs, and concentrated paydowns. The Non-Performing-Loans closed at N5.2% and Capital Adequacy at 17.8%.

FCMB deposits appreciated by 2.3% to close at N4.40 trillion, up from N4.30 trillion. The low-cost deposits rose by 17.6% to close at N435.7 billion, while the Term Deposits decreased by 18.4% to close at N336.4 billion.

The Assets-under-Management rose by 15.9% to close at N1.59 trillion, up from N1.37 trillion declared in Full-Year 2024.

Meanwhile, the lender has announced that it has successfully concluded its public offer and is positioned to deliver the N500 billion capital target, subject to its shareholders’ approval ahead of the Central Bank of Nigeria (CBN) recapitalisation for commercial Banks operating offshore, ahead of the March 2026 deadline.

According to the lender, the CBN is currently verifying its records to ensure full compliance with the regulatory guidelines. The CBN had previously announced that 16 Banks had met the recapitalisation requirements.

FCMB is a leading financial services provider headquartered in Lagos, Nigeria. The Group operates along four business groups: The Banking Group (FCMB), FCMB (UK) Limited and FCMB Microfinance Bank Limited, Consumer Finance (Credit Direct Limited), Investment Banking (FCMB Capital Markets and CSL Stockbrokers Limited), and Investment Management (FCMB Pensions Limited, FCMB Asset Management Limited, and FCMB Trustees Limited).

The company is listed on the Nigerian Exchange Group with the ticker symbol of “FCMB”. The lender has over 13 million customers, with 205 Bank branches across Nigeria.

The approval was given at a board meeting held on November 28, 2025.

The update, disclosed in a filing with the Nigerian Exchange Group (NGX) on Thursday, December 4, 2025, was signed by Olufunmilayo Adedibu, the company secretary.

According to the disclosure, the new budget outlines plans to strengthen the balance sheet, improve profitability, and deepen the bank’s presence across retail, commercial, and corporate banking. It also reveals a stronger drive into SME financing, sustainable lending, consumer finance, and wealth management.

FCMB Group is listed on the Main Board of the NGX. Its share price traded at around N10.50 at the time of this report.

The stock is the third most traded on the Exchange in the past three months, with 1.92 billion units traded in 44,050 deals, valued at N20.1 billion. It currently ranks 101st in Year-to-Date performance.

The lender is also preparing for a virtual Extraordinary General Meeting (EGM) scheduled for Monday, December 8, 2025, where it will seek shareholders’ approval to raise N400 billion in new capital.

This update was disclosed in an addendum to the notice of its Extraordinary General Meeting (EGM) filed with the Nigerian Exchange Limited (NGX) on Friday, November 21, 2025.

The Company Secretary, Olufunmilayo Adedibu, said the capital raise may be executed through the issuance of debt securities, including ordinary shares, preference shares, bonds, convertible or non-convertible notes, or loans, in the Nigerian or international capital markets.

The capital raised could be achieved in Naira or in its equivalent in foreign currency.

The securities may be issued either as standalone offerings or under capital-raising programmes through public offerings, private placements, rights issues, or other approved transaction structures.

The statement added that the debt securities will be offered at coupon or interest rates determined through book-building or other acceptable methods.

FCMB Group is listed on the Main Board of the NGX with an equity capitalisation of N457.66 billion and 42.77 billion outstanding shares. Its share price closed at N10.7 on Friday, November 21, 2025, declining by 0.47%.

The capital raise is part of the Group’s plan to meet the Central Bank of Nigeria’s (CBN) revised capital requirements for commercial banks and other financial institutions.

The upward revision brings FCMB closer to the CBN’s N500 billion minimum capital threshold for banks with international authorisation, with a compliance deadline of March 31, 2026.

The Group’s EGM will be held virtually on Monday, December 8, 2025, at 10.00 am. Investors, shareholders, and members of the public are encouraged to join via the company’s YouTube channel.

The offer marks a critical phase in the Group’s recapitalisation programme designed to strengthen its capital base, retain its international banking license, and enhance shareholder value in line with the Central Bank of Nigeria’s new ₦500 billion capital requirement for international banks.

Ladi Balogun, the group CEO of FCMB, presented the offer details during the “Facts Behind the Offer” session, showcasing the importance of the capital raise towards building a stronger and more resilient financial institution.

Balogun traced the Group’s rich history with NGX, highlighting how the exchange has facilitated approximately $863 million in capital raising since the bank’s inception, with recent rounds heavily supported by domestic investors.

This confidence from local market participants is especially vital for economic stability and long-term sector growth.

Setting the capital raise against Nigeria’s improving macroeconomic backdrop, Balogun pointed to key indicators such as foreign reserves reaching a 10-year high, inflation dropping to near 20%, and the naira’s appreciation as signs of stability that buoy investor optimism.

He projected that lower interest rates and Nigeria’s potential return to emerging market indices would drive increased foreign portfolio inflows and higher valuations, particularly in the banking sector.

Jude Chiemeka, Nigerian Exchange Group CEO, in his welcome remarks, applauded FCMB’s proactive engagement with investors through this transparent communication platform.

He said,

“We applaud FCMB’s proactive engagement with investors. The financial sector is critical to our economy, accounting for over 75% of daily trading on the NGX and contributing significantly, including ₦2.2 trillion in taxes over the last four years.”

Chiemeka highlighted the broader achievements of the exchange, including ₦4.6 trillion raised across various asset classes in H1 2025 and sustainability efforts such as green and social bonds issuance in partnership with the International Finance Corporation.

He urged FCMB to deepen collaboration with NGX’s X-Academy on corporate governance and investor education, reinforcing the commitment to market development.

Speaking on FCMB’s strong H1 2025 Financial results, Balogun spoke to the restructuring, which showed a 23% profit before tax increase and a 20.6% return on equity.

He explained that “the cost of funds remains high due to the 50% cash reserve requirement, meaning half of deposits earn zero interest. Raising equity helps repay expensive deposits, effectively creating higher yields on that capital.”

He added that, “following FCMB’s 2024 capital raise, the bank’s net interest margin rose to 9.1% and return on equity reached the 20% range by mid-year. We expect a similar outcome after the new capital raise closes in November 2025, with funds deployed by Q1 2026 to further reduce fixed deposits.”

The FCMB Group CEO also reiterated Nigeria’s economic milestone, whereby GDP growth has finally outpaced population growth, a crucial shift for poverty reduction.

“Sustained poverty reduction requires annual GDP growth of about 7%. The Central Bank of Nigeria is driving reforms that have supported this improvement,” he stated.

Balogun highlighted monetary reforms like the floating of the exchange rate and clearing a $7 billion FX backlog, which have improved foreign reserves and investor confidence.

Encouraging shareholder participation, he urged investors, “to maintain or increase their investments to avoid dilution,” signalling a bullish outlook for Nigerian banks under these favorable conditions.

The strong performance of FCMB’s stock, which has surged by 395% since 2020, translating into a 70% compound annual growth rate, combined with the bank’s undervalued price-to-book ratio, signals significant upside potential for investors looking to capitalize on Nigeria’s evolving economic landscape.

This performance was largely driven by robust net interest income, higher asset yields, and a surge in digital revenue streams.

Strong Top-Line Growth Despite Currency Revaluation Impact

Gross revenue for the six-month period ended June 30, 2025, rose to ₦529.2 billion, up 41.3% from ₦374.5 billion in H1 2024. This growth was primarily fueled by a 70.3% increase in interest income.

However, non-interest income declined by 35.1%, due to a sharp reduction in currency revaluation gains, ₦36.6 billion lower than the previous year.

Net interest income almost doubled year-on-year, reaching ₦207.4 billion, compared to ₦106.2 billion in H1 2024.

The yield on earning assets improved to 20.2%, while net interest margin (NIM) rose to 9.1%, up from 6.3% in FY 2024.

Digital Business Expansion and Revenue Diversification

FCMB’s digital operations, encompassing payments, lending, and wealth management, continued their upward trajectory. Digital revenues grew by 60%, rising from ₦46 billion in H1 2024 to ₦73.6 billion in H1 2025. Digital services now represent 13.9% of total earnings, highlighting the Group’s successful shift toward tech-enabled financial solutions.

Cost Management and Efficiency Gains

Operating expenses increased by 46.1% to ₦153.2 billion, largely due to higher personnel expenses, regulatory fees, and tech-related costs amid persistent inflation. Nonetheless, FCMB improved its cost-to-income ratio to 57%, better than the 59.9% reported in FY 2024.

Net impairment losses on financial assets rose to ₦36.2 billion, reflecting the bank’s exit from the Central Bank of Nigeria’s loan forbearance program. As a result, the cost of risk increased to 2.8%, up from 1.8% in the previous year.

Segment Performance: Consumer Finance Leads Growth

Each of the Group’s four business segments contributed to overall performance:

• Consumer Finance: PBT up 5%
• Banking Group: PBT up 3%
• Investment Management: PBT up 10%
• Investment Banking: PBT down 9%, due to a one-off divestment gain in 2024

In terms of contribution to Group PBT:

• Banking Group: 82%
• Consumer Finance: 6%
• Investment Management: 8%
• Investment Banking: 4%

After-tax profit stood at ₦73.4 billion, up 23% year-on-year.

Balance Sheet Growth and Capital Efficiency

FCMB’s balance sheet continued to strengthen:

• Total assets: ₦54 trillion, up 6.9% from ₦7.05 trillion as of December 2024
• Loans and advances: ₦38 trillion, up 1.1%, despite loan write-offs and paydowns
• Customer deposits: ₦55 trillion, up 5.6%, driven by a shift to low-cost deposits, now 69.3% of the total (vs 57.5% in FY 2024)
• Assets under management: ₦58 trillion, up 15.5% from ₦1.37 trillion

Capital Raise and Regulatory Compliance

Following its ₦144.6 billion capital raise in 2024, the Central Bank of Nigeria has verified the second phase of FCMB’s programme, which includes a ₦22.5 billion mandatory convertible note. This will increase the Group’s share count to approximately 42.8 billion shares.

The ongoing capital programme aims to meet the CBN’s new minimum capital requirement for international banking licenses.

Future Outlook: Focus on Digital, Retail, and Profitability

Management expressed confidence in the Group’s ability to sustain its earnings momentum, optimize costs, and exceed full-year net interest margin (NIM) guidance. The NIM improved from 7.9% in Q1 2025 to 10.1% in Q2 2025, driven by better capital deployment and funding mix.

FCMB Group remains committed to expanding its digital and retail banking footprint, enhancing operational efficiency, and maintaining its strong performance through the second half of 2025.

Gross revenue grew 41.1% year-on-year to ₦252.7 billion, surpassing its Q1 forecast of ₦226.9 billion, driven by a 58% increase in net interest income.

The Group recorded a 5% growth in total assets from ₦7.05 trillion in December 2024 to ₦7.40 trillion as at March 2025. Loans and advances also grew by 3.4% over the same period to ₦2.44 trillion, supporting business and economic activity.

The Banking Group accounted for 81.4% of profits, followed by Consumer Finance, 11.7%, Investment Management, 5.0%, and Investment Banking, 0.7%.

Net interest margins grew to 8.3% from 5.4% in Q4 2024, driven by a 200 basis points drop in the cost of funds and a higher yield on earning assets of 20.2%.

The Group linked the improvement to early benefits of the capital raised in 2024 and an improvement in the low-cost deposit liabilities.

Ladi Balogun, group Chief Executive said that the diversified financial services group will continue to leverage its group structure to drive an ecosystem that will foster inclusive and sustainable growth.

Analysts say FCMB Group’s diversified revenue structure and strengthened capital position provide a positive outlook for the rest of the financial year.

FCMB Group Plc is a financial services holding company listed on the Nigerian Exchange and headquartered in Lagos.

The Group has strategic interests in businesses serving over 14 million customers across five platforms – banking, consumer finance, investment management, investment banking, and financial technology.

Together, these businesses are building an integrated ecosystem that supports inclusive and sustainable growth across Africa, its diaspora, and the United Kingdom.

The approval, granted during an extraordinary general meeting held both physical and virtual in Lagos, is crucial for its banking subsidiary, First City Monument Bank Limited, to comply with the Central Bank of Nigeria’s international license requirements.

The approved measures include increasing the authorized additional capital raise from N150 billion to N340 billion, which empowers the Group to explore a diverse mix of financial instruments, such as ordinary and preference shares, convertible and non-convertible securities, bonds, and loans.

Shareholders also endorsed the divestment of stakes in one or more subsidiaries, with proceeds earmarked for reinvestment in the banking subsidiary, and the acceptance of surplus funds arising from oversubscription of the public offer launched in July 2024, subject to regulatory approvals.

Additionally, the meeting approved an increase in the company’s issued share capital from N19.8 billion divided in 39.6 billion ordinary shares of 50 kobo each while authorizing the raise of up to $15 million (or its Naira equivalent) via a mandatory convertible loan targeted at select qualified investors.

Ladi Balogun, the group chief executive officer of FCMB Group, said, this is a critical milestone, emphasizing shareholder confidence in FCMB Group’s strategic direction.

FCMB Group reported a 67 per cent growth in nine-month profit before tax to N91.8 billion as at September 40, 2024.

An earlier capital raise in September was oversubscribed, showing investor confidence in the Company’s growth prospects.

Shareholders expressed confidence in the company’s trajectory, applauding its ability to generate robust returns and exceed expectations.

It will be recalled that in July 2024 FCMB Group raised N110.9 billion capital raised via public offer in enhancing its capital base and strategic business expansion growth.

The Group via public offer issued 15.197 billion shares at N7.30 per share, amounting to N110.9 billion on July 29, 2024 and closed on September 4, 2024.

Balogun earlier said that this strategic move is part of the bank’s comprehensive plan to meet the Central Bank of Nigeria’s (CBN) capitalisation requirements, saying that in addition to its public offer, the Group has adopted a three-phased approach to raise up to N397 billion additional capital to drive its diversification plans including incorporating a Technology Holding Company by 2026.

He stated that “the first phase, which aims to generate N150 billion through a public offer of 15.12 billion shares at N7.30 totaling N110.9 billion. Also, a private placement of about $40 million to $50 million which will close by the end of the year and convertible by next year. The public offer will enable us to swiftly meet market demands while ensuring simplicity and speed in execution.”

If you bought and held FCMB Group Plc stock in the past five years you would have outperformed all other major asset classes with the stock having a five-year return of over 350%. 

The Group has consistently delivered solid returns to investors like other peers, with the share price delivering an impressive return of 295.2% over the last five years, ranking 2nd across the industry.

Despite the run-up in the stock, FCMB is still cheap by many investment metrics. The shares currently trade at a price to book ratio of 0.31.

The price-to-book (P/B) ratio is an evaluation metric that is used to compare the current market price of a company’s stock to its book value.

The P/B ratio is favoured by value investors for its usefulness in identifying undervalued companies.  For value investors, a low P/B ratio (usually below 1) is the classic indication of an undervalued stock.

“The net impact of our model adjustments resulted in a revised 12-month Target Price of N11.49. The stock is currently trading at par with its 5-year mean Price to Book ratio of 0.3x. Our Target Price is also 70.2% higher than the last market close price. We, therefore, maintain our BUY recommendation on the stock,” Cardinal Stone Partners analysts said.

Also, Analysts at FBN Quest said,

“We have made material upward revisions to our ’24f-25f EPS forecasts for FCMB Plc following an impressive set of results in Q1’24 and an improved outlook for FY’24. Our price target of N14.8 implies a potential upside of +89.7%.”

Recapitalisation, earnings growth to lift stock price in 2024

FCMB Group’s recapitalization exercise of its banking subsidiary, First City Monument Bank Limited, is set to kickstart in the third quarter (Q3) of 2024.

Following CBN’s directive for banks to recapitalize before 2026, FCMB Group has detailed a comprehensive plan to raise the capital shortfall required to maintain its subsidiary’s international banking license.

According to the Group, the retention of its international license is paramount for its medium-term strategy as it anticipates continued growth and expansion of its international activities.

Under the detailed plan, the Group has highlighted three key phases: Phase I: Floating a capital raise of up to N150.0 billion via rights issue/public offer/private placement, Phase II: Executing other corporate actions to contribute over N110.0 billion and Phase III: Initiating private placements of between N110.0 billion – N140.0 billion.

For phase I, the FCMB Group has expressed that it would be entering the market in the third quarter *Q3) of 2024, with management expressing confidence in raising N100 billion (out of the phase I quota of N150.0 billion), given the express commitments made by its current largest shareholders to fully participate to the tune of their existing holding during the public offer exercise.

Phase II, which is expected to start in 2025, involves corporate actions involving its subsidiaries, particularly the relatively larger subsidiaries.

For full year (FY) 2024, aided by cross-selling opportunities across its businesses and the sustained adoption of its digital products which rose 62% year-on-year (YoY) for FY 2023, the Group expects digital revenue to increase by more than 35.0% for FY 2024.

Also, marketing synergies from its ecosystem strategy, and cost efficiency from digitalization, will drive its cost-to-income ratio (CIR) below 60.0%.

In full year 2024, FCMB has reaffirmed its strong commitment to building a supportive ecosystem driven by technology to transform its operations and enhance its competitive edge.

To this point, in FY 2023, the group deployed its proprietary core banking platform to three subsidiaries, with the main bank expected to commence migration in FY 2024.

Additionally, by employing process automation on loan origination, credit underwriting and disbursement, the bank has transformed its consumer finance business into a FinTech entity.

Elsewhere, the Group has seen progress on its technology platforms. The borderless banking platform, which is targeted towards diaspora flows, was commercialized in FY’23.

Secondly, its banking as a service platform recorded significant growth in FY’23, more than doubling its transaction volumes to 4.9 million.

These initiatives, coupled with significant investments in human capacity (over 50 in-house engineers) and the utilization of Artificial Intelligence are expected to support innovation and growth.

The Group has also doubled its dividend payout reflecting a strong growth trajectory as well as superior profitability and efficient capital utilisation.

FCMB Group Plc provides financial services including micro-lending, asset management, stock-broking, trusteeship and custodial services, foreign exchange, personal banking, corporate and commercial banking, investment banking and transaction banking products delivering cash, trade and liquidity management solutions to entities.