Coronation Merchant Bank to deepen Nigeria’s capital market, boost infrastructure

Coronation Merchant Bank to deepen Nigeria’s capital market, boost infrastructure

 

Lagos, Nigeria - 8 February 2017

 

Coronation merchant Bank Limited (Coronation MB) is poised to play a crucial role in deepening Nigeria’s capital market by creating novel financial and investment products that will aid Nigeria’s pursuit of Improved Infrastructure

Abubakar A. Jimoh, Managing Director/ CEO, Coronation MB, says the bank will leverage the local knowledge and global skills of its staff to deliver infrastructure and other products and solutions that will appeal to global investors.

Coronation MB is an emerging merchant banking franchise with industry leading financial stability indicators: it is rated “A” by Agusto & Co, Nigeria’s foremost rating agency.
Speaking at an event held in its office to unveil its new corporate identity in Lagos, yesterday, Jimoh said in less than three years since it was licensed by the Central Bank of Nigeria, the country’s apex bank regulators, Coronation MB created liquidity-enhanced UPDC commercial papers.

“The UPDC commercial paper (CP) was previously rated “B” by Agusto & Co. Limited. We thought about what to do to make the CP to have wider market appeal and meet the investment criteria of the target investors, especially to regulated investors. We provided liquidity back-up,” Jimoh said. “The rating improved from “B” to “A”.

“We also introduced creative features that enhanced the quality of the Access Bank Eurobond and the N35 billion Access Bank CP. These are just some of the instances in which we have added value to the market. We are able to provide these types of solutions because we understand the market and know where the problems are.”

He said there is a yearning demand for increased sophisticated banking services from Nigeria’s top-tier corporates; he said that Coronation Merchant Bank will focus on bringing world-class advisory services and innovative products to the West-African sub-region, which will deepen and broaden Nigeria’s economic growth over the next decade as the Bank commits to strong governance regime and transparent services.

Source: Businessday Newspaper