Rating Release

Agusto & Co. affirms the “Aa” (long term) and “A1+” (short term) ratings assigned to Rand Merchant Bank (“RMBN” or “the Bank”), with a stable outlook  

The ratings expire on 30 June 2027. 

Agusto & Co. affirms the “Aa” (long term) and “A1+” (short term) ratings assigned to Rand Merchant Bank Nigeria Limited (“RMBN” or “the Bank”) reflecting the good profitability, good liquidity profile and good capitalisation. The Bank’s membership of the FirstRand Limited Group (“FirstRand” or “the Group”), a Pan-African financial services provider with a R2.6 trillion ($144.6 billion at R17.9/$) asset base as at 30 June 2025, was also considered in the ratings. However, the ratings are constrained by lingering concentration in the loan book and deposit liabilities as well as the limited market share of the Industry’s resources. A ‘2’ ESG score has also been attached to the assigned ratings, indicating that environmental, social and governance issues have minimal impact on the Bank’s credit risk profile.