NGX Chairman, Business Leader Back Greenwich Bank’s Commercial Banking Drive
Greenwich Bank has entered the commercial banking arena with a strong vote of confidence from Nigeria’s capital market and business leadership, as NGX Chairman, Dr Umaru Kwairanga, backed the bank’s expansion, saying its three-decade track record of innovation, integrity and professionalism positions it for success.
Greenwich Bank’s transition from merchant banking to regional commercial banking has received strong endorsements from leading figures in Nigeria’s capital market and business community, with Nigerian Exchange Group (NGX) Chairman, Dr Umaru Kwairanga, expressing confidence in the bank’s ability to succeed in the highly competitive commercial banking space.
Speaking at the opening of Greenwich Bank’s Ikoyi branch in Lagos, Kwairanga described the milestone as a significant expansion of the Greenwich banking franchise, saying the move represents the continuation of a journey that began more than three decades ago.
According to him, Greenwich has built a reputation for innovation, professionalism, integrity and relationship-driven financial services, qualities he said should position the institution for success as it enters commercial banking.
“ Commercial banking is challenging but I am confident that Greenwich Bank will do well in it given its commitment to its core values of integrity, efficiency, innovation and relationship,” Kwairanga said.
The NGX Chairman traced Greenwich’s evolution to about 32 years ago when Greenwich Trust Limited was registered by the Securities and Exchange Commission as a financial adviser and issuing house. He noted that the institution subsequently established a strong presence in Nigeria’s capital market before becoming one of the investment banking houses to obtain a merchant banking licence in 2020.
Kwairanga said the latest transition represents another important phase in Greenwich’s institutional evolution, particularly following its restructuring into a holding company, which he said provides a platform for the group to participate in a broader range of investment and financial services. He also commended the institution for meeting its recapitalisation requirements while strengthening its market position and profitability.
The NGX Chairman’ endorsement was reinforced by the Chief Executive of Business School Netherlands–Nigeria, Prof. Lere Baale, who described the commencement of Greenwich Bank’s commercial banking operations and the opening of five branches across Lagos, Akure and Ado-Ekiti as a reflection of the institution’s vision, resilience, strategic leadership and institutional discipline.
In a goodwill message to Falowo, Baale said the expansion goes beyond the opening of new branches, describing it as “an important new chapter in the evolution of Greenwich Bank.” He said the transition into commercial banking presents the institution with opportunities to serve individuals, businesses and communities more extensively, deepen financial inclusion and contribute to Nigeria’s economic development.
Baale specifically commended Falowo’s leadership and stewardship in guiding the institution through the transformation. He expressed the hope that the five initial branches would provide the foundation for a wider national footprint characterised by innovation, excellent customer experience, sound governance and sustainable value creation.
The endorsements came as Greenwich Bank formally commenced its new commercial banking chapter with the opening of its Ikoyi and Surulere branches in Lagos, with further expansion planned for Akure and Ado-Ekiti.
The development follows the institution’s transition from merchant banking to regional commercial banking, marking a strategic broadening of its customer proposition and physical presence.
The opening of the new branches therefore marks not merely an expansion of Greenwich Bank’s physical footprint, but a strategic transition towards a broader banking franchise designed to serve a wider customer base and participate more in Nigeria’s economic development.
