Bloomberg has announced that FirstBank UK Limited (FirstBank UK), the UK subsidiary of First Bank Nigeria Limited, the premier West African bank, has adopted Bloomberg’s Trade Order Management System (TOMS).

By integrating TOMS into its workflow, FirstBank UK will have access to a comprehensive suite of data and analytics, communications, as well as order and execution management solutions, enabling it to streamline its fixed income bonds business.

FirstBank UK is a niche market-maker to its customers in Africa. The business provides market liquidity in cash bonds, primarily in Nigerian, Angolan, Egyptian and Ghanaian Eurobonds to manage risk and optimize its inventory. Thanks to Bloomberg’s coverage, TOMS enables the trading desk of FirstBank UK to support its client base and to monitor its positions, profit and loss (P&L) and Risks.

“By integrating with our existing systems, Bloomberg TOMSprovides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets,” Olukorede Adenowo, CEO-designate at FirstBank UK said.

He added: “The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”

In her speech, the Global Head of Sell-Side OMS at Bloomberg, Lisa Bravo, said: “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS.

“TOMS empowers firms to create a seamless workflow from their front and middle-office, through to their operations and enterprise applications, while concurrently delivering their front office users with real-time execution, risk and P&L analytics.”

FirstBank UK has further digitized its order management workflow by offering clients access to liquidity on its own Eurobond Single-Dealer Platform. The application has been integrated with Bloomberg TOMS to centralize both order handling and aggregated custom analytics and liquidity tools within a single interface, to be hosted and connected to multiple trading venues.

“The integration of TOMS with our custom-builtelectronic trading platform, allows our customers real-time access to liquidity in our markets, something unique to the majority of our customers,” said Robert Hagenaars, Head of Markets at FirstBank UK.

Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable its customers to make more informed decisions and foster better collaboration.

FirstBank UK, on the other hand, is the international banking arm of First Bank of Nigeria Limited, the premier West Africa financial institution. As a full-service bank, FirstBank UK offers capital markets, corporate, institutional, and private banking services to promote investment and trade in Africa. FirstBank UK is a licensed bank in the United Kingdom authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.

First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West Africa and one of the leading financial inclusion service providers in Africa.  

With over 750 business locations and over 215,538 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 42 million customers. The Bank has an international presence with subsidiaries operating in 9 other countries. These subsidiaries are FirstBank (UK) Limited in London and Paris, FirstBank in The Gambia, FirstBank in Sierra-Leone, FirstBank in the Republic of Congo, FirstBank in Guinea, FBNBank in Ghana, FBNBank in Senegal as well as a Representative Office in Beijing, China.

The Bank is at the forefront of promoting digital banking in the country and has issued over 12 million cards, the first bank to achieve such a milestone.