The Nation Newspaper

Tag: Merchant Bank

  • Coronation Merchant Bank, Irish firms to deepen tech investments

    Irish Ambassador to Nigeria, Sean Hoy, has said that Irish companies are planning to partner with Coronation Merchant Bank, and other Nigerian companies in the areas of cyber security and Information and Communications Technology (ICT) development.

    Hoy said cyber security and financial tech are some of the areas companies in Ireland could partner with Nigerian companies especially, financial institutions.

    The Ambassador revealed this during a courtesy visit to Coronation Merchant Bank head office in Lagos.He said: “Today, we are one of the leading countries in Fintech. We are working with banks all over the world to provide financial solutions in a world that is becoming forever more complex. The Cyber security we have discussed today, we have Irish companies providing these specialised services. When I first came to Nigeria in 2014, people were afraid to use credit card, now, people are using credit cards all the time.”

    While appreciating the possibility of doing business in Nigeria, the Ambassador explained that his perception about the country did not change until he came in 2014, which allowed him to now understand it better.

    According to him, from abroad, Nigeria is seen as a very high-risk market, but the situation differs when you get here. “You can do business here and be successful,” he stated.

    In his remarks, Managing Director/Chief Executive Officer, Coronation Merchant Bank, Abubakar Jimoh, said the envoy’s visit was focused on trade promotion, cyber technology, and strengthening relationship with Irish companies in the country.

    Jimoh said: “We are going to partner with them.We have already started with some Irish companies and vice versa. Just like he mentioned in the area of cyber technology that is an area as a financial institution we have to be strong. As an institution that is going to focus significantly on Fintech, our relationship with Irish company cannot be taken for granted.

    “As an investment bank, we advise institutions that are either trying to come into Nigeria or do export into country like Ireland. We are a very young merchant bank, as we grow bigger and get established,” he said.

  • Coronation Merchant Bank wins award

    Coronation Merchant Bank has been named the Best Investment Bank in Nigeria  at the 2018 Global Business Outlook Awards which held in London. The merchant lender also said it has so far raised over N300 billion for various companies in different sectors of the economy since it started operation in 2016.

    Now in its fifth year, The Global Business Outlook Awards is internationally recognised as the landmark finance event to reward achievements, commend best practices and celebrate excellence in the African banking landscape.The award also provides a platform to bring together industry leaders from across Africa whilst celebrating the achievements of those driving economic growth across Africa.

    Commenting on the awards ceremony, publisher of Global Business Outlook Magazine, Daivick Bhaskar said, ”Our goal is to create a platform to celebrate organizations that are at the vanguard of creating a more responsible and sustainable industry than the one that existed ten years ago. Over the past 12 months, these organisations have helped set new benchmarks for the financial sector in terms of customer service and digital innovation. One Bank that has recorded remarkable accomplishments in its very short years of operation is Coronation Merchant Bank. The Bank has established itself as a dominant player, sitting at the very top of the investment banking industry in its native Nigeria.”

    Receiving the award on behalf of the bank, the Group Managing Director/CEO of Coronation Merchant Bank, Abu Jimoh, said, “ we started our investment banking business in 2016, and in less than three years, it has contributed immensely to the development of the capital market—both on the equity side and the debt capital side. I am happy we have established ourselves as a formidable player in the capital market, having raised over N300 billion for various companies in multiple sectors of the economy. This award demonstrates the market’s confidence in the Coronation Merchant Bank story.”

    Driven by its vision of becoming Africa’s premier investment Bank, Coronation Merchant Bank has been a recipient of numerous awards over the course of the year. They include Best Investment Bank in Nigeria by World Finance Awards and Most Innovative Investment Bank of the Year by Nigeria Finance Innovation Awards.

    The Coronation Merchant Bank Group also offers corporate banking, private banking/wealth management and global markets/treasury services to its diverse clients. It also offers securities trading/brokerage, asset management and trustees services via its subsidiaries; Coronation Securities Limited, Coronation Asset Management Limited  and Coronation Trustees respectively.

  • FBNQuest Merchant Bank recognised

    FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has received accolades from global financial and capital market awarding institutions in recognition of the impact and size of transactions it delivered in 2017.

    The firm has won five awards in various categories of the EMEAFinance Achievement Awards, including ‘Best Local Currency Bond House’ and ‘Best Social Development Bond’ for its role in Mixta Real Estate’s $4.5 billion Senior Guaranteed Fixed Rate Bonds; Most Innovative Naira Bond for the $300 million Inaugural SEC-Registered Diaspora Bond; ‘Best Mergers and Acquisition Deal’ for the Divestment of AMCON’s 100 per cent Shareholding in Keystone Bank; and ‘Best Naira Bond’ for its role as one of the financial advisers on the Federal Government of Nigeria’s N100b 7-year Inaugural Sovereign Sukuk.

    The bank was also recognized for the Federal Government of Nigeria’s Sukuk transaction by The Banker’s Deal of the Year Awards, receiving the ‘Deal of the Year – Africa’ award. The innovative transaction, which was a debut Sukuk issuance by the Federal Government, had no precedent to provide a benchmark and no explicit guidelines within the general regulatory framework. Nevertheless, through diligent structuring and positioning, the offer received a strong market reception and was oversubscribed, with PFAs, Banks and Asset/Fund Managers accounting for over 70 per cent. Proceeds from the issue are allocated to the construction and rehabilitation of 25 roads across the country.

    The bank was also recently awarded the ‘Best Investment Bank in Nigeria’ by Global Finance Magazine. Commenting on the achievements, Managing Director, Kayode Akinkugbe said “We are proud of these accomplishments and how we have been able to deliver impact by working with our partners.

  • FSDH Merchant Bank predicts robust income

    Companies will make higher profit and consumers will earn more money in 2018, leading investment banker-FSDH Merchant Bank Limited, has said.

    In its latest preview and research report, FSDH Merchant Bank stated that business profit and consumer income will grow higher in 2018 than in the last three years.

    The wholesale banker stated that its analysis of the recent data from the Central Bank of Nigeria (CBN) on the business and consumer expectations confirms the position on higher corporate profit and consumer income.

    The surveys that the CBN conducted in December 2017 had shown that the expectations of firms and consumers about the next 12 months improved from previous months.

    According to FSDH, the improvement in the business expectations should drive business expansion and increase the employment of labour. This, in turn, will increase the consumers’ purchasing power. On the other hand, the increase in consumer expectations will increase spending which will have positive impact on businesses.

    FSDH noted that the interrelationship between the two economic agents-business and consumer, will drive business profit and consumer income

    The latest Purchasing Managers’ Index (PMI) report published for the month of December 2017 by the CBN had shown improved business activities in both the manufacturing and non-manufacturing sectors. At 59.3 and 62.1 points, the Composite Manufacturing PMI and Composite Non-Manufacturing PMI respectively attained the highest levels since January 2015.

    “The impact of the expected growth in the business profit and consumer income is positive to the financial market. We expect it to drive equity market investments and position corporates to access long-term capital needed for expansion. Banks should also be more favourable to extend credit to both businesses and individuals, leading to a growth in the National Disposable Income,” FSDH stated.

    The investment banker added that the recent drop in the yields on the Nigerian Treasury Bills (NTBs) should also lower the borrowing cost for the business sector, which should also boost production activities and increase profits.

    FSDH also expected improved debt issues by companies as they respond positively to decline in cost of borrowing.

  • Coronation Merchant Bank appoints executive director

    Coronation Merchant Bank has appointed Onome Komolafe as Executive Director following the approval of the Central Bank of Nigeria (CBN).

    Prior to her appointment, Onome had worked as the bank’s Chief Operating Officer (COO)/Group Head of Operations and Information Technology Division. In that capacity, she oversaw the implementation of business strategies across the organisation and monitored performance in line with outlined organisational goals.

    She also brought to bear her over 20 years banking experience garnered from Guaranty Trust Bank and Access Bank to integrate various departments in the bank for operational efficiency.

    A resourceful banker, Onome who holds a B.Sc. and an MBA from the Obafemi Awolowo University, has worked in different areas of banking operations. She was Head of Branch Operations, Treasury Operations and Domestic Operations at different times at GT Bank where she started her banking career in 1997.

    At Access Bank which she joined in 2007, Onome was Head of Treasury Operations and subsequently oversaw the bank’s Centralised Operations Group where she created Standardised Procedures for the Domestic Funds Transfer Teams, Credit and Corporate Operations and leading the Treasury Software Implementation project in the Bank.

    Chairman of Coronation Merchant, Tunde Folawiyo, said on the appointment, “We are happy to welcome Onome to the Board of Coronation Merchant Bank. She brings onboard very rich and demonstrable experience that will significantly contribute to the actualisation of our aspiration of becoming Africa’s premier investment bank. This appointment brings diversity to our board and demonstrates our appreciation of employees’ contributions, Onome’s exceptional skills have proven to be an invaluable asset to our organisation”.

    As a thoroughbred banking professional with membership of reputable committees such as the Central Bank of Nigeria’s Financial Services Industry Infrastructure Transformation Programme, the RTGS (Real Time Gross Settlement) Implementation team, and the Payment Systems and Infrastructure Sub- Committee of the Bankers Committee, Onome’s appointment is beyond achieving the boardroom diversity goal, but a strategic decision to strengthen the Bank’s delivery capacity.

  • Coronation Merchant Bank unveils new identity

    Coronation Merchant Bank unveils new identity

    Coronation Merchant Bank Limited has unveiled its new corporate identity. The lender’s new brand was to reflect its strategic direction to meet the market’s future needs.

    The bank is an emerging merchant banking franchise with industry-leading financial stability indicators.

    Far more than just a logo, the new corporate identity was designed to communicate its vision to be Africa’s premier investment bank, ambition and inner strength.

    The lion, a core feature in the design, is a widely-recognised symbol of Africa, typifying courage, leadership and intelligence.

    These are attributes the bank must demonstrate to achieve its vision and become a respected brand within the African sub-region.

    Coronation MB was established to fill the gap in a long-underserved market segment, seeking to address the need for long term capital across key sectors of the economy. The provision of affordable, longer term financing is critical for sustainable economic growth and its absence is one of the key challenges African entrepreneurs and corporations.

    Commenting on the new corporate identity, Managing Director/CEO, Coronation Merchant Bank, Abubakar Jimoh, said: “There is a clear market demand for more sophisticated banking services from Nigeria’s top-tier corporates. Coronation Merchant Bank will focus on bringing world-class advisory services, accompanied by innovative products and services to the sub-region. It will deepen and broaden economic growth over the next decade, whilst remaining committed to our values of strong governance and transparency.”

    Chairman, Coronation Merchant Bank, Babatunde Folawiyo stated: “The transition to a new brand, with a broader and more strategic focus, is a major milestone for our organisation as a full service merchant bank capable of supporting the wider economy, and with a balance sheet to support its ambitions.”