Agusto upgrades Greenwich Merchant Bank's rating to A- Businessday NG

Greenwich Merchant Bank Limited has received an upgraded credit rating to ‘A-’ with a Stable Outlook from Agusto & Co.

The rating underscores Greenwich Merchant Bank’s strong financial position, prudent risk management, and market dominance under the leadership of its Board and Management.

This marks a significant upgrade from the previous “BBB+” rating affirmed in 2024 by Augusto & Co.

According to a statement signed by Ozena Utulu, Head, Corporate Communications, Greenwich Merchant Bank upgrade to an A- rating by Agusto & Co., affirms Greenwich Merchant Bank’s resilience, strong operational fundamentals, and capacity for sustained growth.

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The bank said it remains committed to delivering tailored, high-impact financial solutions while advancing its transformation into a diversified financial services group.

“Greenwich Merchant Bank continues to serve a diverse and high-value clientele in both the public and private sectors, with a strong presence across the following industries, Manufacturing, Agriculture & Soft Commodities, Healthcare, Fast-Moving Consumer Goods (FMCG), Cement, Construction & Infrastructure, Food & Beverages, Telecoms/Technology, Oil & Gas and Financial Services.

In March 2025, Greenwich Merchant Bank received regulatory approval from the Central Bank of Nigeria (CBN) to operate Greenwich Holdings Limited as a non-operating financial holding company. This strategic milestone enables the Group to consolidate its financial services businesses (Greenwich Merchant Bank, Greenwich Asset Management Limited and Greenwich Securities Ltd and other future businesses) under a unified governance structure, in line with regulatory requirements and long-term growth objectives.”

Formerly known as Greenwich Trust Limited (GTL), Greenwich Merchant Bank, a pioneer in Nigeria’s financial advisory and issuing house landscape, registered with the Securities and Exchange Commission (SEC). The bank has evolved over three decades into a market leader, distinguished by its innovation, excellence and sustained growth.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.