Rating Release
Agusto & Co. affirms the ‘Aa’ rating assigned to Rand Merchant Bank Nigeria Limited, with a stable outlook
The rating expires on 30 June 2024.
Agusto & Co. hereby maintains the “Aa” rating of Rand Merchant Bank Nigeria Limited (‘RMBN’ or ‘the Bank’) and assigns an ESG score of ‘2’ to the Bank. The rating reflects RMBN’s membership of the FirstRand Group, a Pan-African integrated financial services provider with a $142.4 billion balance sheet size as at 31 December 2022. The Bank benefits from demonstrated technical and funding support from the FirstRand Group. RMBN’s sustained good performance despite the fragile macroeconomic environment and regulatory pressures, good capitalisation, nil impaired loans and an experienced management team with good succession planning which was recently demonstrated. The rating is however constrained by lingering concentration in the loan book, the weak macroeconomic climate and the adverse regulatory terrain.
