The newly-licensed Greenwich Merchant Bank Limited, has disclosed a five-year strategy to upscale its operations, as the go-to institution for financial services to both local and international clientele, to boost investments in Nigeria.
The Bank, a subsidiary of the Greenwich Trust Group, which previously delivered a wide range of services such as asset management, securities, registrar and data solution, and property management among others, said it would leverage its operations to provide more value for existing and new customers in the banking space.
Its Managing Director, Dele Babade, said the Bank would start its next phase of growth with planting of seeds, to become a full financial platform and powerhouse in Nigeria and beyond.
Speaking at the bank’s launch in Lagos, he said its key focus is to serve as a local bank that meets international standards in customer service, professionalism, and ethics, noting that the bank would continue to scale up its operations over the next five years.
His words: “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 fine-tune as we proceed.”
“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, 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 focus on three key areas, namely profit, position, and platform, which it calls the “3Ps”.
“We are focused on the need to generate profit to give returns to the people who staked their risk capital into this venture. Profit also ensures that we have a sustainable bank, which would benefit all stakeholders including the staff, depositors, community at large,” he added.
In his remarks, the bank’s Chairman of Board, Kayode Falowo, thanked the Governor and management of the Central Bank of Nigerian (CBN), and Security and Exchange Commission (SEC), for their support and guidance throughout the transition process.
He said after the financial market crash, which happened between 2008 and 2010, the bank evolved with a series of strategies designed to ensure the protection of its franchise from downturns and periods of economic adversities.
He said one of the key elements of the strategy was the institution of a strong risk management structure, noting that it saved the firm from economic downturns, and remains very vital as it steps into the banking space.
“As you would have imagined, the acquisition of the banking license was a key element of that strategy and we are pleased that it has successfully been achieved. It is important to note that Greenwich Trust Limited was the first capital market operator to receive a CBN license allowing it to convert its operations to a bank.
“We also note that two weeks after its receipt of its approval of a banking license, the institution commenced operations. This feat was achieved as a result of the long preparation,” he said.