CBN Grants Approval for Another Company to Become Holding Company, Join First Holdco, Access, Others
- The CBN's acceptance of Greenwich Merchant Bank Limited's conversion to a holding company represents a major change
- Greenwich Holdings Limited will oversee Greenwich Merchant Bank Limited, Greenwich Asset Management Limited and Greenwich Securities Limited
- The Greenwich Group has positioned itself to expand its current financial services operations into new markets
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
A 31-year-old financial services company Greenwich Merchant Bank Limited has undergone a significant shift with the approval of the Central Bank of Nigeria (CBN) to become a holding company (HoldCo).
Source: UGC
In the new arrangement, Greenwich Holdings Limited will lead the Group's strategic growth while supervising Greenwich Merchant Bank Limited, Greenwich Asset Management Limited, and Greenwich Securities Limited.
According to Kayode Falowo, chairman of the Greenwich Group, the group is now in a position to expand into new markets, consolidate its current financial services businesses, and solidify its position as a major player in the financial industry thanks to the approval.
The 31-year-old financial services organization Greenwich Merchant Bank Limited has undergone a significant shift with the approval of the Central Bank of Nigeria (CBN) to become a holding company (HoldCo).
In the new arrangement, The Nation reported that Greenwich Holdings Limited will lead the Group's strategic growth while supervising Greenwich Merchant Bank Limited, Greenwich Asset Management Limited, and Greenwich Securities Limited.
According to Mr. Kayode Falowo, chairman of the Greenwich Group, the group is now in a position to expand into new markets, consolidate its current financial services businesses, and solidify its position as a major player in the financial industry thanks to the approval and move into a holding company.
He thanked the apex bank and promised the group's clients that they would continue to receive high-quality services.
“We are thrilled about the opportunities this new structure presents. Greenwich Holdings Limited is committed to delivering innovative financial solutions, fostering growth and creating value for its stakeholders the Nigerian economy,” Falowo said.
He noted that Greenwich Holdings Limited marked a new phase in the unmatched expansion that started in June 1994 when Greenwich Trust Limited was established as a financial advisor.
In 2020, Greenwich Merchant Bank Limited was established after the Securities and Exchange Commission (SEC)-regulated company applied to the Central Bank of Nigeria to convert its operations.
“Over the course of 30 years, Greenwich has expanded its footprint across various segments of the financial sector through its subsidiaries and affiliated entities including Greenwich Registrars and Data Solutions Limited and Greenwich Trustees Limited,” Falowo said.
In his earlier remarks regarding the bank's recapitalization strategy, Falowo pointed out that Greenwich Merchant Bank was a proactive organization that had started a rightsissueprior to the central bank's order to raise banks' regulatory capital.
Source: Getty Images
He claims that the rights issue was resolved satisfactorily and that Greenwich Bank has subsequently obtained the CBN's permission for the capital.
Falowo also stated that the recently registered Greenwich Holdco has started a private placement right away in order to raise the extra funds the group needs. He explained that bank recapitalization is essential for long-term financial stability and for improving the banking industry's growth prospects in Nigeria.
First Bank unveils new corporate name
Legit.ng reported that First Bank Holding Company(FBN Holding) has unveiled its new name, First HoldCo Plc (FirstHoldCo) on the Nigerian Exchange (NGX) marking a significant shift in its corporate identity.
The financial institution in recent months has made efforts to create a uniform identity across all its subsidiaries in Nigeria and abroad as it seeks to reposition its growth and brand strategically.
On the Nigerian Exchange, FBN Holdings Plc is now identified as First Holdco Plc.
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Source: Legit.ng
