Greenwich has secured regulatory approval to operate as a commercial bank with regional authorisation, paving the way for the financial services group to expand beyond its traditional merchant banking business.
Following the approval, Greenwich Merchant Bank Limited has changed its name to Greenwich Bank Limited, a move that marks a major step in the group’s transformation and gives it the capacity to offer a wider range of banking services to individuals, businesses and institutions.
The new licence will enable the bank to expand its target market beyond large corporates to include retail customers, small and medium-sized enterprises, commercial organisations and public sector entities.
Greenwich Bank also plans to broaden its product offerings, increase its physical presence and strengthen its digital banking channels as it seeks to make financial services more accessible across its authorised operating regions, including Abuja.
The transition is part of a wider transformation programme aimed at strengthening the bank’s governance framework, operational capabilities and technology infrastructure as it positions for broader and more inclusive growth.
Group Chairman of Greenwich Holdings Limited, Kayode Falowo, described the approval as a major milestone in the group’s development, saying it reflects years of strategic execution and investment in the institution.
According to him, the commercial banking licence would support Greenwich’s ambition to deepen financial inclusion while building an institution capable of serving individuals, businesses and communities on a wider scale.
He said the approval also validates the group’s sustained investment in governance, human capital and technology, adding that the focus would now shift to maximising the opportunities created by the new banking status.
Managing Director and Chief Executive Officer of Greenwich Bank, Benson Ogundeji, said the new licence would substantially increase the bank’s capacity to serve a broader segment of the economy.
He said existing customers would continue to enjoy relationship-driven services while gaining access to a wider range of products, improved convenience and expanded banking channels.
Ogundeji added that the bank would maintain its focus on responsible growth and develop financial solutions designed to help customers create, preserve and transfer wealth while contributing to economic development.
With its new commercial banking status, Greenwich said it intends to strengthen its role in supporting entrepreneurship, improving access to finance and facilitating the expansion of businesses across key sectors of the Nigerian economy.
Greenwich Bank Limited is the banking subsidiary of Greenwich Holdings Limited. Other companies within the group include Greenwich Capital Markets Limited, Greenwich Securities Limited and Greenwich Asset Management Limited.