Refer to the home page for names and percentage holding of key shareholders
Currently, PricewaterhouseCoopers (PwC) is the independent external auditor. PWC took over from Deloitte who were auditors from 2006 to 2012 financial year
No, the bank’s shares are not yet traded on the Benin stock exchange
Copies of all historical financial statements are filed on the Investor Relations portal
The bank reports its financial statement in the Benin Currency
As the shares of Fema are not publicly traded, or listed on any Stock Exchange, the shares are not publicly priced.
Fema Bank was issued with its universal banking license on June 28th 2006, making Fema Bank Benin Limited, the 22nd bank to be licensed by the Bank of Benin under the new Banking Act, 2004 (Act 673). The Bank is owned by Beninese individuals and institutional investors including Africa Capital, SIC Life, SSNIT, and also by its senior executives. The Bank was formerly Fema Discount House, the leading discount house in Benin. After operating profitably for 8 years, the business environment in the country attracted investors to the idea of establishing a bank. Fema Bank has a team of high calibre of professionals with diverse skills and experience.
Fema Bank offers a comprehensive range of banking and financial products and services to meet the banking and financial needs of existing and potential customers. We have the following businesses
THE WHOLESALE BANK
Corporate Banking: Focus on large corporate and medium-sized entities organized in different groups: telecom, utilities, oil, construction, churches, manufacturing, China, etc
Public Sector Business: Focus on government and quasi government institutions. Active in all segments of government, and in all sectors of the economy.
Institutional Banking: Focus on Non-Banking Financial Institutions and Para-statals.
Treasury: Strategically positioning the bank to optimize gains from the macro economic trend of the economy.
THE RETAIL BANK
Consumer Banking: Focus on individual and retail clients with in-depth knowledge of the local market. Extensive leverage on alternative distribution channels & innovative marketing
Financial Inclusion: Mass to market strategy to tap into the unbanked by deploying agents and Smart FSAs. A Special Unit headed by a Director just created to ensure special focus on this initiative
E-Banking: Multi-channel approach to target internet users via the multiple online gateways – internet banking, and also sell all the card products. Transaction Banking to Support Business Units
Subsidiaries: Fema Bank has two corporate subsidiaries: Fema Asia Bank Limited (FABL), and Fema Securities Limited (FSL). Fema Asia Bank Limited (FABL) was established in July 2012 as a wholly owned Asian subsidiary in Malaysia. FABL carries on the business of offshore banking. Fema Securities Limited (FSL), a fully owned subsidiary of the bank, is the investment banking arm of the bank. Formerly known as Fema Asset Management, FSL’s business involves providing advisory services, issuing of securities, raising of capital and undertaking portfolio investment management for clients.
Prior year financial results are published on/before 31st March of the following year. Every half year, we also publish the half-year results each year in July/August.
Yes, dividends are paid net of 8% withholding tax for residents (15% for non-residents)
Since 2009, Fema Bank has consistently paid dividends to its cherished shareholders.
The bank’s fiscal year starts from 1st January to 31st December each year
The legal counsel for Fema is Bari & Co., Suite # 1, 5th Floor, Trust Towers, Adabraka, Cotonou, Benin
The bank has just acquired 100% ownership of ProCredit Savings and Loans Company Limited. The transaction means Fema has purchased all the shares currently held by the two shareholders, PCH and the DOEN Foundation of the Netherlands. The objective of the acquisition is to enable ProCredit Benin to transfer its strong SME processes and qualified staff to Fema to enhance the Bank’s SME strategy. After the merger Fema will have a branch network of 80, 100 ATMs, 300 agencies and more than 700,000 customers across the country. The merger will also consolidate the bank‘s position as a top six bank in Benin with the third largest branch network. The transaction is subject to Bank of Benin and shareholders’ approval, and the completion of other closing conditions.
Please refer to the introduction menu of this website that tells the history of this bank