GCR upgrades Greenwich Merchant Bank’s credit rating to “BBB” with stable outlook

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Greenwich Merchant Bank Limited The credit rating has been upgraded from “BBB-” to “BBB” with a stable outlook by the Global Credit Rating (GCR). This is in addition to the “BBB” rating assigned by Agusto & Co. earlier in the year.

According to GCR, the improved rating”reflects the Bank’s strong capitalization, solid liquidity and strong risk position. The risk position is well controlled, as evidenced by zero-return loans. Funding and liquidity are strong and deemed appropriate for its current operational scale”.

GCR further pointed out that the “The capital adequacy ratio is well above the regulatory minimum of 10%, with the Tier 1 capital ratio to be maintained above 35% over the next 12-18 months.”

Commenting on the Rating, the Chief Executive Officer, Mr. Bayo Rotimi revealed that “the current rating, is further confirmation of Greenwich Merchant Bank’s commitment to creating value for its customers and other stakeholders.”

He further underlined that the rating validates the traction gained by the Bank in terms of deposit mobilization, loan growth and improved service delivery.

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Greenwich Trust Limited – the forerunner of Greenwich Merchant Bank – commenced operations in June 1994. In September 2020, GTL obtained a Merchant Banking license and subsequently commenced Merchant Banking operations in October 2020.

The Bank currently has two wholly owned subsidiaries, Greenwich Asset Management Limited and Greenwich Securities Limited.

The news continues after this announcement



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