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First City Monument Bank Plc Divests City Securities Registrar to Cardinal Stone Partners-All Africa

Friday, 16 Aug 2013 08:29am EDT 

All Africa reported that Cardinal Stone Partners (CSP) Limited has acquired City Securities Registrar following the divestment transaction by First City Monument Bank Plc (FCMB). The FCMB divested from the CSL in compliance with the Central Bank of Nigeria (CBN)'s directive on holding company structure. Until now, CSL was one of the subsidiaries of FCMB. CSP is a full service investment banking firm established in 2008. The transaction was concluded at the end of a competitive bidding exercise that involved CSP and six other bidders. Financial details were not disclosed. 

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