Rating Release

Agusto & Co. hereby upgrade Greenwich Merchant Bank Limited’s credit rating to “A-“ (Long Term) and “A1” (Short Term), with a stable outlook. 

The rating expires on 30 June 2026. 

Agusto & Co. hereby upgrade the rating assigned to Greenwich Merchant Bank Limited (“Greenwich MB” or “the Bank”) to “A-” (Long Term) and “A1” (Short Term). The Bank’s improved profitability, good capitalisation and strong shareholders’ support, as reflected in the ₦10.8 billion additional capital injection in the review period, supported the upgrade. The nil impaired loan position and good liquidity profile are also considered positive rating factors. However, the rating is moderated by a significant degree of concentration risk in the loan book and deposit base. We have attached a “3” ESG score to the rating, reflecting our assessment that environmental, social, and governance factors have a material impact on the Bank’s credit risk profile.