Agusto & Co has affirmed the reputable A+ rating to Nigeria’s leading financial institution, Coronation Merchant Bank in its recently released Rating Report.
Lagos, Nigeria – 24th June, 2022
According to Agusto, the rating reflects the bank’s good asset quality, good liquidity profile, adequate capitalization, and an experienced management team.
The agency added that “Coronation Merchant Bank did not record any impaired loans and had stage 1 classification for the entire loan book, which is further supported by the fact that most of the bank’s credit facilities are short-dated and adequately collateralized.”
Speaking on this rating, Banjo Adegbohungbe, Managing Director/Chief Executive Officer, Coronation Merchant Bank stated, “The affirmation of our A+ rating from Agusto & Co. validates our strategy and highlights our strengths and resilience in the face of multiple headwinds.”
“We are well positioned to support the recovery of the Nigerian economy and the aspirations of our customers” he added.
Also commenting on the report, Chukwukadibia Okoye, Chief Financial Officer, Coronation Merchant Bank enthused, “this rating highlights the strength and resilience of Bank , anchored on our robust risk management practices.”
About Coronation Merchant Bank
Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long-underserved market. The Bank offers Corporate & Investment Banking, Private Banking/Wealth Management and, Global Markets/Treasury Services to its niche clientele. It presently has two branches located in Abuja and Port Harcourt with its Head Office in Lagos, Nigeria.
The Bank has been the recipient of numerous international and national awards for product innovation and sound corporate governance practices. Some of the international awards it received in 2020 and 2019 include Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank in Nigeria by Global Banking & Finance Review, Best Investment Bank by Global Business Outlook and Best Investment Bank in Nigeria by International Finance.
The Bank’s nimble business strategy has enabled it to achieve significant success in the few years of its operations. The bank has been rated ‘B-‘ with a Stable Outlook by Fitch (one of the ‘Top 3’ global rating agencies) making it the first and only Nigerian Merchant Bank to receive an international risk rating. The foremost rating agency in Nigeria, Agusto & Co., recently reaffirmed its strong “A+” investment grade rating with a stable outlook in 2022 (the highest among Merchant Banks in Nigeria).