• Friday, March 29, 2024
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Globus Bank opens first branch in northern Nigeria

Globus Bank expands, opens five new branches

In a bid to expand operations in Nigeria, Globus Bank has opened a new bank branch in Jalingo, the Taraba state capital.

According to a statement seen by BusinessDay, “the Jalingo branch located at No. 57B Hammaruwa Way, Jalingo, Taraba State is the first branch opened by the bank in Northern Nigeria and the 21st branch opened by the bank in less than three years of its operations”.

The bank says it remains committed to providing an “unparalleled banking experience as it continues to leverage people and technology in the most efficient and responsible manner”.

Read also: Globus Bank opens new branch office in Bayelsa
Globus Bank received an improved investment grade rating three weeks ago following an appraisal of the bank’s credit rating by two rating agencies – Agusto & Co and Global Credit Rating (GCR).

Agusto & Co upgraded the credit rating from its maiden rating of ‘Bbb-’ to ‘Bbb+’ during the current exercise while GCR affirmed an investment grade rating of ‘Bbb-‘ rating with a Positive Outlook.

Agusto & Co.’s upgrade of Globus Bank Limited’s rating from “Bbb-” to “Bbb+” was informed by the improvement in the bank’s strong shareholders’ support as reflected in the successful capital raising exercise which culminated in the bank being issued a national bank license by the Central Bank of Nigeria (CBN).

Agusto & Co further assigned an ESG score of “3” as they believed the bank’s commitment to enshrining Environmental, Social and Governance issues in its operations has a material contribution to the Bank’s credit rating.

GCR also affirmed Globus Bank Limited’s national scale long and short-term issuer ratings of BBB-(NG) and A3(NG) respectively; with a Stable Outlook.

According to GCR, the affirmation of the Bank’s ratings confirms its sound risk culture, good funding and liquidity profile whilst remaining competitive.

The ratings by both agencies reflect Globus Bank’s sound strategy supported by its excellent growth and profitability with a sound risk management and governance framework.