CBN approves conversion of Abbey Mortgage Bank to regional commercial bank
Abbey Mortgage Bank has received approval from the Central Bank of Nigeria to convert into a regional commercial bank. The bank has also changed its name to Abbey Bank PLC following a resolution by its shareholders. This transition comes as the bank aims to meet new capital requirements and expand its services.
- ▪Abbey Mortgage Bank has secured regulatory approval to convert to a regional commercial bank.
- ▪The bank's name has changed from Abbey Mortgage Bank Plc to Abbey Bank PLC.
- ▪Shares in Abbey Mortgage Bank rose by 5.4 percent to N7.8 per unit after the announcement.
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Add us on Google Abbey Mortgage Bank has secured regulatory go-ahead from the Central Bank of Nigeria (CBN) to proceed with its planned conversion to a regional commercial bank, the mortgage lender announced on Wednesday. “In addition, pursuant to he resolution of shareholders at the extra-ordinary general meeting of the bank held on Friday, 24th January 2025, the name of the bank has been changed from “Abbey Mortgage Bank Plc” to “Abbey Bank PLC,” it stated in a regulatory filing. Shares in the primary mortgage bank jumped by 5.4 per cent to N7.8 per unit in Lagos at the end of trade on Wednesday.
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