Greenwich enters commercial banking with 3 Lagos branches

Greenwich Bank Limited has marked its entry into commercial banking with the opening of three branches in Lagos, signalling a new phase in the financial institution’s growth strategy and expanding its services to individuals, small and medium-sized enterprises (SMEs), businesses and public-sector institutions.

The bank officially opened branches in Surulere, Ikoyi and Victoria Island at the weekend, following regulatory approval granted in August for its transition from a merchant bank to a commercial bank with regional authorisation.

The development was welcomed by the Lagos State Government, which described Greenwich Bank’s expansion as a positive step capable of supporting financial inclusion, wealth creation and economic growth across the state.

Lagos State Governor, Babajide Sanwo-Olu, represented by the Commissioner for Finance, Abayomi Oluyomi, said the bank’s decades of experience in Nigeria’s financial services industry positioned it to make a meaningful contribution to the state’s economy.

Sanwo-Olu, who commissioned the bank’s Awolowo Road, Ikoyi branch, expressed optimism that Greenwich Bank would support individuals and businesses while creating opportunities for economic growth.

“Lagos needs banks like Greenwich to expand business opportunities, and we are confident that Greenwich Bank will support businesses and customers to grow. The entrance of the bank into the state’s financial ecosystem is very important to the business enterprise of the state,” he said.

The three branch openings represent the first major phase of Greenwich Bank’s physical expansion following its transition into commercial banking. The bank said the new branches would complement its digital channels, providing customers with greater access to relationship-driven banking services alongside technology-enabled solutions.

Group Chairman, Greenwich Holdings Limited, Kayode Falowo, said the bank would bring the discipline and professionalism associated with institutional banking to the everyday financial needs of Nigerians.

“We will bring the discipline of institutional banking to bear on those everyday needs, so that a market trader and a corporate client can both expect the same professional service and respect,” Falowo said.

He added that the bank would expand its branch network within the regions approved by the Central Bank of Nigeria (CBN), while continuing to invest in digital banking capabilities.

Group Chairman, Nigerian Exchange Group (NGX Group), Alhaji Umaru Kwairanga, commended Greenwich Bank’s transition from merchant banking to commercial banking, describing it as a significant milestone in the institution’s three-decade journey.

He highlighted Greenwich’s history in Nigeria’s capital market, noting its growth from financial advisory and issuing-house operations into merchant banking, investment and corporate banking, and other financial services.

Chairman of Greenwich Bank Limited, Segun Olekutuyi, described the branch openings as a significant milestone and the beginning of a new chapter for the institution.

He said the bank would focus on delivering quality products and services anchored on integrity, speed and value for customers.

Also speaking, the Managing Director, Greenwich Bank, Benson Ogundeji, said the commercial banking licence would enable the institution to build on its corporate and institutional banking heritage while extending its relationship-based model to individuals, SMEs and a wider range of businesses.

According to him, the bank is planning to open additional branches in Akure, Ondo State, and Ado-Ekiti, Ekiti State, with further expansion planned across the South-West, South-South and North-West regions, as well as the Federal Capital Territory.

He also disclosed plans to pursue a national banking licence in the medium term.

Greenwich Holdings comprises Greenwich Bank Limited, Greenwich Asset Management Limited and Greenwich Securities Limited, alongside Greenwich Registrars and Data Solution Limited and Greenwich Trustees Limited.

The post Greenwich enters commercial banking with 3 Lagos branches appeared first on The Sun Nigeria.