Greenwich Merchant Bank Starts Operations in Nigeria after Regulatory Approval

Greenwich Merchant Bank Limited has started operations even as it announced plan to position itself as the go-to institution for providing financial services to both local and international clienteles.

The bank which is a subsidiary of the Greenwich Trust Group that already has a broad arm of services such as asset management, securities, nominees, registrar and data solution, trustees and property management, is set to leverage on its banking operations to provide more value for existing and new customers.

Speaking at the official business commencement ceremony in Lagos at the weekend, the Managing Director, Greenwich Merchant Bank, Mr. Dele Babade, said his firm was set to offer value to its clients as well as expand rapidly.

Speaking on the strategic plan and what it plans to offer to its stakeholders and customers, he said: The next phase of growth promises to be more exciting as we start planting the seeds of being a full financial platform and financial powerhouse in Nigeria and beyond.

“The key focus would be on being a local bank that meets international standards in customer service, professionalism and ethics which we intend to scale up over the next few years and as we have said beyond Nigeria.

“We may be small for now, but the intention is that we would punch beyond our weight. So, there is in place a five-year strategy which we would continue to reshape and finetune as we proceed.”

He added: “In addition to serving clients in Nigeria, we want to be known as the first point of call or window into Nigeria for international investors who are seeking entry into Nigeria either as Direct Foreign Investment (DFI) or multilateral funders to Nigerian businesses via our debt advisory team.

Secondly to portfolio equity investors, whether institutional or retail especially institutional investors via our stockbroking team in GSL, strategic investors hoping to buy into Nigerian companies via our advisory team and diaspora investors looking to invest via our asset management businesses.”

Also, he said the bank in the short to medium term would to focus on what he calls the ‘3Ps’ namely Profit, Position and Platform.

Babade said: “We are focused on the need to generate profit to give returns to the people to stake their risk and capital into this venture. Profit also ensures that we have a sustainable bank which would benefit all stakeholders including staff depositors, community at large.”

“Position which is to be the best at what we are and what we would be doing and thirdly building the platform that would scale up and building new businesses.”

He also added that they would further offer competitive services through its mobile application with cutting edge technology.

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