Greenwich Merchant Bank Limited (Greenwich MB) has hit a major inflection point in its corporate evolution. Following a balance-sheet expansion that saw its total assets grow by 78.2% in December 2025, the lender is diversifying its deposit pool.
The bank’s liability architecture expanded significantly over the review period, with customer deposits surging 101.5% to ₦160.6 billion ($111.8 million).
The corporate evolution reflects the structural creation of Greenwich Holdings Limited—a non-operating holding company housing the bank, Greenwich Securities, Greenwich Asset Management, and Greenwich Capital Market—alongside management’s strategy to transition Greenwich MB into a regional commercial bank.
Capital Injection Unlocks Heavy Industrial Underwriting
To comply with the Central Bank of Nigeria’s (CBN) updated recapitalization requirements, Greenwich MB raised ₦22.6 billion in fresh equity through a combined Rights Issue and Private Placement.
This brought the bank’s total approved capital well above the ₦50 billion minimum requirement for merchant banks ahead of the regulatory deadline.
The expansion in the bank’s capital base allowed it to increase its single-obligor lending limits. Consequently, gross loans were reallocated toward large-scale corporate borrowers, lifting oil and gas concentration to 81.1% of the loan book.
Despite this sector concentration, credit analysts highlight that 100% of the loan book is denominated in local currency (Naira), removing foreign exchange translation risks. Furthermore, the bank maintained an industry-leading risk profile, preserving its zero non-performing loan (NPL) record and a minimal 0.1% credit loss ratio.
Deposit Pool Diversifies as Term Deposits Raise Funding Costs
While top-20 depositor concentration was halved from 50.1% to 26.1% (indicating a more diversified customer pool), the bank’s heavy reliance on wholesale corporate term deposits (89.9% of total deposits) drove its cost of funds up to 19.7% in a high-interest-rate environment.
With liquid assets covering 94.5% of total customer deposits, Greenwich MB maintains a strong liquidity buffer. Its planned transition into a regional commercial bank is expected to unlock lower-cost current and savings account (CASA) deposits, helping lower overall funding costs as the institution expands its footprint across West Africa.
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