The Board of Abbey Mortgage Bank Plc has announced that the Central Bank of Nigeria (CBN) has approved its transition from a primary mortgage bank to a regional commercial bank.
The approval was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited and other regulatory bodies on Wednesday.
According to a statement signed by the Company Secretary, Geoff Amaghereonu, the approval also includes a change of corporate name as part of the bank’s restructuring process.
Following a resolution passed at its Extraordinary General Meeting held on January 24, 2025, the institution will now be known as Abbey Bank Plc, replacing Abbey Mortgage Bank Plc.
The management described the development as a major milestone in its expansion strategy within Nigeria’s financial services sector.
The bank had earlier outlined plans to expand its digital banking ecosystem and deepen financial inclusion across the country following its 34th Annual General Meeting.
The AGM, held virtually under the theme “Shaping the Future,” brought together shareholders, regulators and directors to review the bank’s performance and strategic direction.
At the meeting, shareholders approved key resolutions, including a capital raise and dividend declaration, expressing confidence in the bank’s resilience amid Nigeria’s challenging economic environment.
The new capital is expected to support the bank’s transition into a broader financial services provider and expand access to underserved customer segments.
Speaking on the development, the Managing Director and Chief Executive Officer of Abbey Bank, Mobolaji Adewumi, said the transformation reflects the institution’s focus on innovation and customer-centric banking.
“Our next phase is centred on delivering seamless and digitally driven banking experiences that eliminate the traditional barriers to premier financial services,” he said.
