CBN Grants Greenwich Trust License For Merchant Banking

By UDO ONYEKA

The Central Bank of Nigeria (CBN) has granted Greenwich Trust Limited operational license for merchant banking in the country.

According to a statement by the firm, the entity would be known as Greenwich Merchant Bank Limited.

This license allows Greenwich Merchant Bank to upscale and offer such diverse services as corporate banking, investment banking, financial advisory services, securities dealing, treasury wealth and asset management among others making it possible to provide increased value to stakeholders beyond its previous scope.

It would recalled that the minimum capital requirements for establishing a merchant bank according to Merchant Banking Licensing Regulations in 2010 are N15 billion.

With the addition of Greenwich Merchant Bank, Nigeria now has six merchant banks. The others are; FBN Quest, Coronation Merchant Bank, DSH Merchant Bank, Nova Merchant Bank and Rand Merchant Bank.

Greenwich Trust Limited is an investment banking firm duly registered with relevant authorities such as the Nigerian Securities and Exchange Commission (SEC).

It is a diversified firm with subsidiaries such as Asset management, GTL Properties, GTL Securities Limited, Cedar Express Limited and Meyer Plc.