The Central Bank of Nigeria (CBN) has granted Greenwich Merchant Bank, a well-known supplier of upscale financial services in Nigeria, Approval-in-Principle (AIP) to convert to a Holding Company (HoldCo) structure.


At the bank’s Annual General Meeting (AGM), which was held in Lagos, Kayode Falowo, the chairman of the institution, made the statement. To be called “Greenwich Holdings Limited,” the Holding Company will be in charge of a variety of current financial services organisations, including Greenwich Merchant Bank Limited, Greenwich Asset Management Limited, Greenwich Securities Limited, and Greenwich Trustees Limited, in addition to suggested new financial services endeavours.

Kayode Falowo, the chairman of the institution, made the statement. To be called “Greenwich Holdings Limited,” the Holding Company will be in charge of a variety of current financial services organisations, including Greenwich Merchant Bank Limited, Greenwich Asset Management Limited, Greenwich Securities Limited, and Greenwich Trustees Limited, in addition to suggested new financial services endeavours. “We are committed to leveraging this structure to deliver superior financial products and services to our esteemed clientele,” he stated.

On the local brand news, the approval-in-principle to transition into a Holding Company, according to Falowo, was a turning point in the bank’s development towards increased competitiveness and market leadership, securing its standing as the go-to organisation for providing comprehensive financial services that are customised to meet the changing needs of its clientele.

According to Falowo, the HoldCo AIP is a strategic milestone that will allow the bank to optimise its operations and pursue new growth opportunities, rather than merely a regulatory green light.

“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 said.

Benson Ogundeji, the acting MD/CEO of Greenwich Merchant Bank, reiterated the Chairman’s words, expressing hope for the bank’s future and pointing to the HoldCo approval-in-principle as evidence of the bank’s tenacity and strategic vision. He said, “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.”

SOURCE:https://brandspurng.com/2024/06/03/cbn-admonished-greenwich-merchant-bank-to-transit-to-a-holding-company/

Congratulations