Nigeria: Greenwich Merchant Bank Gets CBN Nod to Become a Holding Company

3 June 2024
This Day (Lagos)

Greenwich Merchant Bank, a prominent provider of high-end financial services in Nigeria, has secured Approval-in-Principle (AIP) from the Central Bank of Nigeria (CBN) to transition into a Holding Company (HoldCo) structure.

The bank's Chairman, Kayode Falowo, made the announcement during the bank's Annual General Meeting (AGM) held in Lagos.

The Holding Company, to be named 'Greenwich Holdings Limited,' will oversee a diverse portfolio of existing financial services entities comprising Greenwich Merchant Bank Limited, Greenwich Asset Management Limited, Greenwich Securities Limited, Greenwich Trustees Limited, as well as proposed new ventures in the financial services sector.

Commenting on the significance of the AIP, Kayode Falowo, Chairman of Greenwich Merchant Bank, stated that this strategic move will enable Greenwich Group to streamline operations, enhance efficiency, and unlock new growth opportunities. "We are committed to leveraging this structure to deliver superior financial products and services to our esteemed clientele," he stated.

Falowo further characterised the approval-in-principle to transit into a Holding Company as a pivotal moment in the bank's journey towards enhanced competitiveness and market leadership, solidifying its position as the go-to institution for delivering comprehensive financial services tailored to meet the evolving needs of its clientele.

The HoldCo AIP, as explained by Falowo, signifies more than just a regulatory green light; it represents a strategic milestone that will enable the bank to optimize its operations and explore new avenues for growth. "We are committed to leveraging this structure to deliver superior financial products and services to our esteemed clientele, and continue to contribute to Nigeria's economic development," he stated.

Acting MD/CEO, Greenwich Merchant Bank, Benson Ogundeji, echoed the Chairman's sentiment, expressing optimism about the bank's prospects, and citing the HoldCo approval-in-principle as a testament to the bank's resilience and strategic foresight. "This regulatory nod reaffirms confidence in the bank's ability to adapt and thrive in a dynamic financial landscape, positioning us for sustained growth and value creation for our stakeholders".

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