Agusto & Co. assigns ‘BBB’ credit rating to Greenwich Merchant Bank

Greenwich Merchant Bank Limited has been rated ‘BBB’ with a stable outlook by Agusto & Co.

In 2021, Greenwich Merchant Bank was assigned a BBB- {(NG, Long Term and A3 (NG) Short Term with a stable outlook} rating by Global Credit Rating (GCR).

“The rating validates our business approach which entails leveraging people, technology, and processes to sustainably deliver value to our stakeholders in spite of headwinds in the operating environment,” said Bayo Rotimi, managing director, Greenwich Merchant Bank.

The rating agency further stated that the bank’s capital adequacy ratio computed in line with Basel II and Basel III principles remained elevated at 131.68 percent and is considered good for current levels of business risk.

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Rotimi noted that “deploying a strong risk management framework and proactive response to our clients remain pivotal to our business.”

According to Agusto & Co, this rating reflects Greenwich Merchant Bank’s adequate capitalisation, good liquidity profile, satisfactory asset quality rating, experienced management team, and strong shareholder support.

Greenwich Trust Limited, the precursor to Greenwich Merchant Bank commenced operations in June 1994 as a pure play investment bank. By September 2020, Greenwich Trust Limited obtained a merchant banking licence and commenced operations by October 2020.

Greenwich Merchant Bank currently has two wholly owned subsidiaries; Greenwich Asset Management Limited and Greenwich Securities Limited.