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Home Companies Corporate Updates

IFC partners with Coronation Merchant Bank to boost trade finance in Nigeria

NM Partners by NM Partners
March 3, 2020
in Corporate Updates, Op-Eds
Coronation Merchant Bank appoints Banjo Adegbohungbe as Acting Managing Director, Coronation Merchant Bank partners with International Finance Corporation to provide funding for Nigerian businesses, IFC partners with Coronation Merchant Bank to boost trade finance in Nigeria, Coronation Merchant Bank appointed Customs Revenue Collecting Bank by the Nigeria Customs Service

Managing Director Coronation Merchant Bank, Mr. Banjo Adegbohungbe

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IFC, a member of the World Bank Group, today announced a $40 million Trade Finance Guarantee facility to Coronation Merchant Bank under its Global Trade Finance Program. This will enable Coronation Merchant Bank to establish and expand correspondent banking partnerships with several international banks in IFC’s Trade Finance program, broadening access to finance in Nigeria.

IFC’s Global Trade Finance Program (GTFP) will offer confirming banks’ full or partial guarantees to cover the trade-related payment obligations of Coronation Merchant Bank. The program supports trade with emerging markets worldwide, allowing participants to conveniently to finance their imports and exports and promote the flow of goods and services between developing countries.

Commenting on the partnership with IFC, Banjo Adegbohungbe, Acting Managing Director of Coronation Merchant Bank stated that “The GTFP partnership is a critical milestone for us in our journey to become a leading financial institution in Nigeria. We are delighted to partner with the IFC in providing trade finance solutions to our customers and we assure all our clients of our continued support to enable them to achieve their business objectives.”

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“We welcome Coronation Merchant Bank to the Global Trade Finance Program, which has been very active in Nigeria in the past. This relationship will help improve the bank’s trade with other countries, and create new economic opportunities in Nigeria,” said Kevin Njiraini, IFC’s Director for Southern Africa and Nigeria. “The partnership attests to the continued growth of the Nigerian financial sector and restates IFC’s commitment to emerging markets around the world.”

Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long under-served market. The Bank offers Investment and Corporate Banking, Private Banking/Wealth Management and, Global Markets/Treasury Services to its clientele. In 2019, Coronation Merchant Bank received awards such as Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank by Global Banking and Finance Review, and Best Investment Bank by Global Business Outlook.

The partnership with Coronation Merchant Bank underscores IFC’s commitment to Nigeria. IFC has invested in several projects in heavy manufacturing, technology, and financial services amongst other key sectors in the country.


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Tags: Banjo AdegbohungbeCoronation Merchant BankGlobal Trade Finance ProgramIFCWorld Bank Group
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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