Coronation Merchant Bank (‘the Bank’), formerly Associated Discount House Limited, announced today that Agusto & Co., Nigeria’s foremost rating agency, has upgraded its corporate rating.
The rating agency raised Coronation Merchant Bank’s credit rating from an “A-“ to an “A” and cited stable outlook. This serves as a testament to the Bank’s “strong capitalisation, good liquidity profile, good asset quality and experienced management team”.
With this occurring less than one year after the Bank’s conversion from a discount house to a merchant bank, the effectiveness of its new business strategy and operational model are now undisputed. Over the past year, Coronation Merchant Bank has demonstrated its ability to astutely navigate the challenging and complex business environment in which it operates in a manner that guarantees stakeholder value.
Coronation Merchant Bank has implemented a risk-focused business model, and it is committed to the adoption of risk management best practices in all facets of its operations. Furthermore, the Bank predicates its operations on a conservative yet highly responsive portfolio management philosophy. This strategy, which combines a guarded risk attitude with a strong risk bearing capacity, supported its seamless transition to a merchant bank.
Driven by its aspiration to become Africa’s premier investment bank, Coronation Merchant Bank is already demonstrating industry leadership in sustainable and ethical business practices. The Bank is one of the latest entrants to the merchant banking space, offering diversified services through its subsidiaries, Coronation Securities Limited and Coronation Asset Management. With a head office in Lagos and two branches in Abuja and Port Harcourt, Coronation Merchant Bank is rapidly evolving into the Nigerian banking industry’s model for operational excellence.
About Coronation Merchant Bank
Coronation Merchant Bank is a full service merchant bank formed from erstwhile Associated Discount House Limited (ADHL). The Bank commenced its operations as a merchant bank in 2015 following CBN’s approval of the transferral from a discount house licence to a merchant bank licence. Subsequently, it was issued a FX dealing licence in 2015 by the CBN, enabling it to fulfil its operational requirements as a merchant bank. With these regulatory approvals, Coronation Merchant Bank assumed the heritage and liabilities of ADHL and brought a new force in the Nigerian banking industry to life.