FBN Merchant Bank Ltd

Rating Release

Agusto & Co. assigns an “A-” rating to FBN Merchant Bank Limited.

The Rating expires on 30 June 2017.


FBN Merchant Bank Limited’s (“FBN Merchant” or “the Bank”) rating is underpinned by the Bank’s good profitability, good liquidity profile, good capitalisation for current business risks, as well as an experienced management team. The rating assigned to FBN Merchant is constrained by the difficult operating environment which has elevated credit risks for all Nigerian banks. In particular, we note the contraction of the Nigerian economy which we expect to hamper the performance of banks industry-wide.


This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.

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