Greenwich Bank Expands Banking Footprint With New Commercial Operations
By Sherif Salau
Lagos State has recorded another boost to its financial services sector as Greenwich Bank commences commercial operations with the opening of five branches across Lagos, Akure and Ado-Ekiti. The expansion is expected to enhance access to banking services, support businesses, promote financial inclusion and create new economic opportunities, further strengthening Lagos’ position as Nigeria’s leading financial and commercial hub.
For more than three decades the group has operated primarily in investment banking, securities and asset management. The transition to regional commercial banking now opens its doors to individuals, small and medium-sized enterprises, larger commercial organisations and public-sector clients within the territories approved by the regulator.
Two further branches, in Akure and Ado-Ekiti, are scheduled to open on 8 and 9 October, completing the first phase of a physical network that will complement the bank’s growing digital channels.
At the commissioning of the Ikoyi branch on Awolowo Road, group chairman Kayode Falowo described the move as a natural next step after years of building capacity. “Commercial banking was the natural step for us to follow after all that we have done,” he told guests. He signalled longer-term ambition, expressing confidence that within a few years the institution would return to celebrate a fully national footprint. The Ikoyi premises will also house Greenwich Asset Management and Greenwich Securities, allowing customers to access banking, investment and wealth-management services under one roof.
The expansion comes after careful preparation. Greenwich met the Central Bank’s recapitalisation requirements for merchant banks and subsequently secured the regional commercial licence, changing its name from Greenwich Merchant Bank Limited in the process. Management has emphasised that the broader mandate will enable the bank to support entrepreneurship, improve access to finance and serve a wider cross-section of the economy while retaining the relationship-driven approach that characterised its earlier work.
Lagos State officials welcomed the development. Speaking on behalf of Governor Babajide Sanwo-Olu, Finance Commissioner Abayomi Oluyomi noted that the bank’s new regional mandate creates additional opportunities to support businesses and households across the state. For a city that continues to absorb new financial institutions and compete for capital, the arrival of another full-service player with deep local roots is seen as a constructive addition to the competitive landscape.
Greenwich’s history stretches back to 1992, when it was registered as Greenwich Trust Limited and began operations two years later as a Securities and Exchange Commission-licensed financial adviser and issuing house. It obtained a merchant banking licence in 2020 and has since restructured under a holding company framework. The latest step completes a deliberate progression from capital-market specialist to a more comprehensive banking platform.
