Greenwich Bank opens Ikoyi branch, expands into commercial banking

Stanley Ihedigbo

Group Chairman of Nigerian Exchange Group (NGX), Alhaji (Dr.) Umaru Kwairanga has commended Greenwich Bank for expanding its banking franchise from merchant banking into commercial banking.

Kwairanga gave the commendation on Friday, at the opening and commissioning of the Greenwich Bank regional commercial banking branch in Ikoyi, Lagos.

Speaking at the ceremony, the NGX Group Chairman described the opening of the branch as an important milestone in the evolution of the Greenwich Group, noting that the development represents a continuation of the institution’s more than three-decade journey in Nigeria’s financial services industry.

He recalled that Greenwich Trust Limited was registered about 32 years ago as a financial adviser and issuing house by the Securities and Exchange Commission (SEC), after which it quickly established a niche for itself in the Nigerian capital market through innovation and professionalism.

According to him, Greenwich further expanded its footprint in the financial sector in 2020 when it became one of the investment banking houses to obtain a merchant banking licence.

Kwairanga said the development placed Greenwich on a path similar to that pioneered by the late Otunba Subomi Balogun, a prominent figure in Nigeria’s banking industry.

He noted that Greenwich Bank had subsequently established itself in investment and corporate banking while meeting recapitalisation requirements and recording growth in market share and profitability.

The NGX Group Chairman further explained that the restructuring of Greenwich into a holding company had created opportunities for the group to explore additional investment and financial services subsectors, with commercial banking being its latest expansion.

“Commercial banking is challenging, but I am confident that Greenwich Bank will do well in it given its commitment to its core values of integrity, efficiency, innovation and relationship,” Kwairanga stated.

He congratulated the management and team of the Greenwich Group for the new milestone, particularly the Group Chairman, Mr. Kayode Falowo; the Managing Director, Mr. Benson Ogundeji; and Director, Dr. Faruk Umar.
Kwairanga expressed confidence in the bank’s future and wished the Greenwich Group continued success as it expands its operations and strengthens its presence in Nigeria’s financial services sector.

The opening of the Ikoyi branch, therefore, marks a significant new phase in Greenwich Bank’s growth strategy, as it moves beyond its established investment and merchant banking operations to deepen its participation in the commercial banking market.