Greenwich Bank has commenced operations as a regional commercial bank following its transition from merchant banking, as the financial services group begins a new phase of expansion that could eventually take it nationwide.
Kayode Falowo, chairman of Greenwich Holdings Limited, said the transition was part of a deliberate strategy to expand the group’s banking operations after obtaining a merchant banking licence in 2020.
Falowo spoke on Thursday at the commissioning of the bank’s new branch on Awolowo Road, Ikoyi, Lagos, one of three branches commissioned by the bank.
‘Commercial banking was the natural step for us to follow after all that we have done,’ Falowo said, adding that the move would allow Greenwich to extend its financial services to a wider range of individuals and businesses.
According to him, Greenwich would build on more than three decades of experience in stockbroking, issuing house services, investment banking and other financial services as it expands into commercial banking.
‘Today, we will do everything that any other bank in Nigeria will do,’ Falowo said.
He added that the bank would leverage technology to serve customers beyond its physical branch locations.
‘I promise you and assure you that in a very few years, we will be coming again to celebrate a much bigger enterprise, which will be the national bank that is spread all over Nigeria,’ he said.
The Ikoyi branch will also house Greenwich Asset Management and Greenwich Securities, allowing customers to access banking, investment and wealth management services from the same location.
Speaking on behalf of Babajide Sanwo-Olu, governor of Lagos State, Abayomi Oluyomi, commissioner for finance, said the bank’s new regional mandate would create opportunities to support businesses and households across the state.
Sanwo-Olu, in a speech read by Oluyomi, said the bank could support small and growing businesses, established enterprises and individuals with greater access to financial services.
‘Government cannot build the economy alone. We need strong partnership with the financial sector and the private sector to mobilise capital, support enterprise, create jobs and expand opportunities,’ the governor said.
Umaru Kwairanga, chairman of Nigerian Exchange Group, said Greenwich’s experience in the capital market could support its expansion into commercial banking.
Segun Oloketuyi, chairman of Greenwich Bank, said the transition marked a new phase for the group, which began operations as Greenwich Trust Limited in 1994.
He said the move into commercial banking was intended to broaden the group’s reach to individuals, households, entrepreneurs and businesses.
‘Our commitment is to build a bank that understands that banking is ultimately about people, their aspirations, their businesses, their families and their future,’ Oloketuyi said.
He charged employees at the new branch to focus on exceptional service, professionalism, operational excellence and strong governance as the bank expands its commercial banking operations.