Fitch Ratings has affirmed Coronation Merchant Bank Limited's (CMB) Long-Term Issuer Default Rating (IDR) at 'B-' with a Stable Outlook.
Lagos, Nigeria – 18th July, 2022
According to the global rating agency, “the bank’s sound asset-quality record, adequate capitalisation and performance” are rating strengths. “Management quality is a rating strength. Coronation Merchant Bank has recorded zero Stage 3 and Stage 2 loans since converting to a merchant bank in 2015 despite volatile market conditions, reflecting its prudent underwriting standards and risk controls.”
Commenting on the development, Banjo Adegbohungbe, Managing Director/Chief Executive Officer, Coronation Merchant Bank stated, “The affirmation of our risk rating by Fitch validates the strength of our business model and our capacity to continue to support our customers while playing our part in the recovery of the Nigerian economy.”
Chukwukadibia Okoye, Chief Financial Officer, Coronation Merchant Bank added that “ this affirmation attests to our very healthy balance sheet as we strive to deliver sustainable growth despite macroeconomic and regulatory headwinds.”
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.