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 2025.
Agusto & Co. affirms the “Aa” rating assigned to Rand Merchant Bank Nigeria Limited (‘RMBN’ or ‘the Bank’) and the attached a ‘2’ ESG score. The rating reflects RMBN’s membership of the FirstRand Group, a Pan-African integrated financial services provider with a R2.3 trillion ($127.1 billion @ R18.4/$) asset base as at 31 December 2023. The Bank benefits from demonstrated technical and funding support from the FirstRand Group. RMBN’s sustained good performance despite the fragile macroeconomic environment, good capitalisation, nil impaired loans and experienced management team were also considered. The rating is however constrained by the lingering concentration in the loan book and the weak macroeconomic climate.
