How safe is. First Bank of Nigeria?
By This Is Money 15:59 02 Oct 2008, updated 17:44 17 Nov 2009
We offer a brief overview of how your bank has fared over the past year.
Why all the interest in banks?
The banking crisis in Sept/Oct 2008 after the fall of Icelandic banks Kaupthing Edge and Landsbanki. followed closely by the UK's own Bradford & Bingley. prompted widespread concerns over the safety of the UK banking industry and foreign banks operating within our borders.
Many of these concerns have now passed as a result of the Government's efforts to stabilise the sector, but many savers are still curious about the overall stability of their bank/building society. For comment on the stability of the industry in general, read our guide to bank strength. while our bank safety guide outlines how you should spread your savings.
First Bank of Nigeria - the background
This is the only bank operating in the UK to have a 'sub-investment grade' rating, which means the riskiness of investing money in its bank shares is significantly higher.
Its low rating has improved lately however and may reflect the 'difficult operating
environment' of the bank, according to Fitch.
The most important thing to remember is that FBN, which has the FirstSave brand in the UK, is covered by the Financial Services Compensation Scheme and, unlike other foreign banks, is fully covered by the UK scheme and not the international passport system. It also has the highest tier one capital ratio of any bank operating in the UK.
Read our savings compensation guide for more information on foreign banks' compensation.
• See a full explanation of terminology in our bank safety summary
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UK building society safety
Worried about savings compensation? We detail the inherent safety of UK building societies for your peace of mind.
Bank safety: foreign banks in the UK
Worried about savings compensation? We detail the inherent safety of foreign banks operating in the UK for your peace of mind.
UK bank safety
Worried about savings compensation? We detail the inherent safety of each UK bank for your peace of mind.Source: www.thisismoney.co.uk