The Central Bank of Nigeria (CBN) has granted approval for Abbey Mortgage Bank Plc to convert from a Primary Mortgage Bank to a Regional Commercial Bank, the lender announced on Wednesday.
In a notice to the Nigerian Exchange Limited (NGX) and the investing public, the Board of Abbey Mortgage Bank Plc stated that the regulatory approval paves the way for the institution to expand its operations into full commercial banking activities within a regional framework.
The bank has also changed its name to Abbey Bank Plc (NGX: ABBEYBDS), following a resolution passed by shareholders at an Extra-ordinary general meeting on Friday, January 24, 2025.
The conversion is expected to enable Abbey Bank Plc to offer a wider array of financial products and services, including enhanced deposit mobilisation commercial mobilisation and other banking services to individuals and corporate clients across its authorised regions.
Administrator and Writer
