The Lagos State Government has commended Greenwich Bank Limited for opening its first three commercial banking branches in Lagos, describing the expansion as a positive development that would support financial inclusion, wealth creation and economic growth in the state.
Greenwich Bank on October 2 officially opened branches in Surulere, Ikoyi and Victoria Island, marking the first major phase of its physical branch rollout following its transition from a Merchant Bank to a commercial bank with Regional authorisation.
Lagos State governor, Babajide Sanwo-Olu, represented by the Commissioner for Finance, Abayomi Oluyomi, said Greenwich Bank had an important role to play in the economic development of the state, particularly given its decades of experience and contribution to Nigeria’s financial services industry.
The governor, who performed the commissioning of the Awolowo Road, Ikoyi branch, expressed optimism that the bank would support individuals and businesses while contributing to the continued growth of the Lagos economy.
‘Lagos needs banks like Greenwich to expand business opportunities, and we are confident that Greenwich Bank will support businesses and customers to grow. The entrance of the bank into the state’s financial ecosystem is very important to the business enterprise of the state,’ he said.
Sanwo-Olu congratulated the management of the bank, describing its emergence as a commercial bank as an important milestone in the institution’s evolution.
The commissioning ceremonies attracted senior government officials, business and corporate leaders, financial market regulators and other stakeholders.
The opening of the three branches represents a significant step in Greenwich Bank’s strategy to take its expanded range of banking services closer to individuals, businesses and institutions across its approved operating regions.
The bank also disclosed plans for further expansion, including the opening of branches in Akure, Ondo State and Ado-Ekiti I Ekiti State with plans to open more in the South West, South South, Northwestern regions of Nigeria and the Federal Capital Territory. There are plans to pursue a national banking licence in the medium term.
The expansion follows the regulatory approval granted the bank in August 2026 for Greenwich to operate as a commercial bank. The new licence broadens the bank’s scope beyond its traditional merchant banking activities, enabling it to serve retail customers, small and medium-sized enterprises (SMEs), commercial organisations and public-sector institutions.
Group Chairman of Greenwich Holdings Limited, Kayode Falowo, emphasised that the bank would establish additional branches in other locations within the regions approved by the Central Bank of Nigeria (CBN).
According to him, Greenwich Bank would bring the discipline and professionalism of institutional banking to the everyday financial needs of Nigerians.
‘We will bring the discipline of institutional banking to bear on those everyday needs, so that a market trader and a corporate client can both expect the same professional service and respect,’ Falowo said.
He added that the new branch network would complement the bank’s digital channels by combining physical accessibility with technology-driven banking services.
‘The bank will focus on and address the challenges average Nigerians and businesses face. We will advise, and we will invest in the growth of enterprises with the same seriousness we bring to the largest corporate clients,’ he added.
Also speaking, Chairman Greenwich Bank Limited, Segun Olekutuyi, described the opening of the branches as a significant milestone and the beginning of a new chapter for the institution.
He said the bank would seek to meet the aspirations of its broad range of stakeholders through quality services and products, integrity, speed and value for customers.
Group Chairman of Nigerian Exchange Group (NGX Group), Alhaji Umaru Kwairanga, commended the Board of Greenwich Bank for its vision, noting that NGX Group was proud of the institution’s evolution over the decades and its contribution to Nigeria’s financial system.
Kwairanga said that despite the competitive nature of the banking industry, Greenwich Bank had a unique role to play in deepening the financial market and supporting customers to grow.
Group Managing Director of Greenwich Holdings Limited, Oyewale Ariyibi, said the group would continue to strengthen its capital base, expand its retail financial services footprint and accelerate its digital transformation agenda.
He said the expansion of Greenwich Bank formed part of a broader strategy to build a stronger financial services group capable of providing complementary solutions across banking, asset management, securities and other related financial services.
Managing Director of Greenwich Bank Limited , Benson Ogundeji, said the branch openings marked an important stage in the bank’s evolution and its efforts to make its expanded capabilities more accessible to customers.
According to Ogundeji, the commercial banking licence provides Greenwich with an opportunity to build on its corporate and institutional banking heritage while extending its relationship-driven model to individuals, SMEs and a wider range of businesses.
He said the group’s strategy combines the accessibility and relationship-building advantages of physical branches with the speed and convenience of digital banking, providing customers with multiple channels through which they can access the bank’s services.
Greenwich Holdings comprises Greenwich Bank Limited, Greenwich Asset Management Limited and Greenwich Securities Limited, while its broader financial services ecosystem includes Greenwich Registrars and Data Solution Limited and Greenwich Trustees Limited.