The management of CFS Group Plc, a leading investment and financial services provider, and the Nigerian subsidiary of Cititrust Holdings Plc, has announced the change of name of three of its subsidiaries after receiving the nod of the board and shareholders.
A statement from the Group noted that the decision, which is aimed at rebranding the affected companies to reflect their renewed focus on excellent service delivery, was taken at its Executive Management meeting held on July 4, 2020.
The statement quoted the Country Chief Executive, Ikechukwu Peter, as stating: “The change of name of these strategic business units became quite imperative to enhance brand visibility and synergy.”
Further explaining the reasons for name change, the Chief Executive said: “For an institution that is positioned to provide bespoke financial services to its teeming customers, it became important that it had a unified brand representation as it delivers on its mandate of exceptional customer service experience.”
According to the statement, the affected subsidiaries are Core Capital Limited, which is now Cititrust Financial Services Limited; First Option Microfinance Bank Limited, renamed Cititrust Microfinance Bank Limited; and Bermuda Forex BDC Limited, now known as Cititrust BDC Limited.
Commenting individually on the development, the Managing Director of Cititrust Financial Services Limited, Charles Olaluwoye, observed that the name change would “bolster the efforts by the company to increase its share capital to N1 billion and enable it do more in terms of online consumer lending and delivering on digitalised financial services”.
The Managing Director of Cititrust Microfinance Bank Limited, Jeff Ejemai, said the rebranding offers the bank the leverage to obtain the regulatory approval which will enable it operate as a state Microfinance Bank, and thus “take the institution’s business to the next level”.
On his own part, the Managing Director of Cititrust BDC Limited, Tunji Salahudeen, said the development would not only reposition the brand for superior service delivery, but “most definitely engender greater opportunities for our business, particularly in buying and selling personal travel allowances and business travel allowances for our several clients”.