Providus Bank’s N100bn CP list on FMDQ Exchange

FMDQ Securities Exchange Limited through its board listings and markets committee has approved the registration of Providus Bank’s N100 billion Commercial Paper (CP) Programme on its platform. The registration of the CP Programme strategically positions the bank to raise short-term finance from the Nigerian debt capital market easily, through CP issues within its CP Programme and quote the same on FMDQ Exchange for visibility of the issue and desired transparency for the investors, the bank said in a statement.

Providus Bank is a Nigerian financial services provider, licensed as a commercial bank to provide banking, investment and wealth management services to individuals and businesses.

According to the listing disclosure, the registration of the CP programme was sponsored by Greenwich Merchant Bank Limited, who is a Registration Member (Quotations) of FMDQ Exchange and validates the Exchange’s conscious drive to support the capital market needs of corporates and governments and to further deepen the Nigerian financial markets, and ultimately, the nation’s economy.

The exchange said it will continue to work collaboratively with market stakeholders to align the debt capital markets with international standards, and will, through product and service innovation and the championing of key market development initiatives, take commendable steps to ensure that growth and development opportunities abound for the markets