The Central Bank of Nigeria (CBN) has granted an operational license to Greenwich Trust to operate a merchant bank.
The entity will be known as Greenwich Merchant Bank Limited. This license allows the new entity to offer diverse services as corporate banking, investment banking, financial advisory services, securities dealing, treasury wealth and asset management, making it possible to provide increased value to stakeholders beyond its previous scope.
The minimum capital requirementsfor establishing a merchant bank in Nigeria according to the Merchant Banking Licensing Regulations in 2010 is N15 billion.
Greenwich Merchant Bank becomes the sixth merchant bank in Nigeria after it obtained approval from the central bank. The others are; FBN Quest Merchant Bank, Coronation Merchant Bank, FSDH 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.