Greenwich Merchant Bank has secured approval in principle from the Central Bank of Nigeria to transition into a holding company structure.
This was disclosed by the bank’s Chairman, Kayode Falowo, at the recently concluded Annual General Meeting in Lagos, according to The Punch.
According to Falowo, the move will allow Greenwich Group to improve productivity, simplify operations, and seize fresh opportunities for expansion.
He said, “We are committed to leveraging this structure to deliver superior financial products and services to our esteemed clientele.”
He stated that When it becomes a holding company, it will be called Greenwich Holdings Limited, and it will be home to financial services organizations that include Greenwich Merchant Bank Limited, Greenwich Asset Management Limited, Greenwich Securities Limited, and Greenwich Trustees Limited, in addition to suggested new financial services endeavors.
Falowo characterized the approval-in-principle as a critical turning point in the bank’s development towards increased competitiveness and market leadership, securing its standing as a leading provider of all-inclusive financial services that are customized to satisfy the changing demands of its clients.
According to Falowo, the HoldCo AIP is a strategic milestone that will allow the bank to optimize 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.
Assuring long-term financial stability and potential for future expansion, Falowo clarified that the bank was “proactively addressing this through our Rights Issue, initiated before the apex bank’s announcement.”
He said that the bank had completed a rights issue pending the approval of CBN. He said that if authorized, that would cover roughly 60% of the necessary capital, and that continuous efforts would be made to meet the remaining amount in the upcoming months.
CBN has given banks until March 2026 to meet the new capital requirements.
