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Greenwich Bank Limited has commenced operations as a regional commercial bank, commissioning three branches in Ikoyi, Victoria Island and Surulere, Lagos, on Friday, October 2, 2026, as it begins a new phase of expansion beyond merchant banking.
The bank is also scheduled to commission branches in Akure on October 8 and Ado-Ekiti on October 9, bringing the first phase of its commercial banking network to five locations.
The expansion follows regulatory approval granted in August 2026 for Greenwich to operate as a regional commercial bank, widening its mandate beyond traditional merchant banking to include individuals, small and medium-sized enterprises, commercial organisations and public-sector institutions.
The new branches mark the beginning of Greenwich Bank’s planned physical expansion into locations within regions approved by the Central Bank of Nigeria (CBN), while complementing the bank’s growing digital banking channels.
At the commissioning of the Ikoyi branch on October 2, Chairman of Greenwich Bank Limited, Segun Oloketuyi, described the transition as a new chapter in the institution’s more than three-decade history.
- “Our commitment is to build a bank that understands that banking is ultimately about people, their aspirations, their businesses, their families and their future,” Oloketuyi said.
He said Greenwich intends to differentiate itself through service quality, integrity and the value it creates for customers as it expands into retail and commercial banking.
Oloketuyi also charged employees of the new branch to make it known for exceptional service, professionalism and operational excellence.
The bank said the expansion represents more than an increase in its physical presence, describing it as part of a broader strategy to make its services more accessible to households, entrepreneurs, businesses and institutions.
The Bank would leverage its strengthened capital base, industry expertise, technology and relationship-driven approach to provide innovative banking solutions while creating long-term value for customers, shareholders and other stakeholders.
Managing Director and Chief Executive Officer of Greenwich Bank, Benson Ogundeji, said the branch openings represent an important stage in the bank’s evolution and efforts to take its expanded capabilities closer to customers.
- “The opening of these branches is an important part of that journey. We are bringing Greenwich closer to customers while maintaining the quality, professionalism and relationship-driven service for which we are known,” Ogundeji said.
The bank plans to support businesses seeking to establish, expand and scale their operations through financing and other financial solutions, while leveraging its experience in corporate and institutional finance to participate in larger commercial opportunities.
Building towards national expansion
Group Chairman of Greenwich Holdings Limited, Kayode Falowo, said the move into commercial banking was a natural progression after more than three decades of operations across stockbroking, investment banking, issuing house services and other areas of financial services.
- “Commercial banking was the natural step for us to follow after all that we have done,” Falowo said at the Ikoyi commissioning.
He said the new licence significantly broadens what Greenwich can offer its customers.
- “Today, we will do everything that any other bank in Nigeria will do,” Falowo said.
Falowo added that Greenwich would combine its physical network with technology as it works towards a broader national footprint.
- “I promise you and assure you that in a very few years, we will be coming again to celebrate a much bigger enterprise, which will be the national bank that is spread all over Nigeria,” he said.
The Ikoyi location is also expected to house Greenwich Asset Management and Greenwich Securities, providing customers with access to banking, investment and wealth-management services from the same location.
NGX chairman backs commercial banking expansion
Chairman of Nigerian Exchange Group, Umaru Kwairanga, who spoke at the commissioning, said Greenwich’s long history in Nigeria’s capital market could provide a foundation for its expansion into commercial banking.
He traced the institution’s roots to Greenwich Trust Limited and said the group had expanded from its original broker-dealer, issuing house and financial advisory operations into banking, asset management, trusteeship and registrar services.
He said Greenwich had built a niche in the capital market over the years and expressed confidence that its expansion would go beyond its current regional mandate.
Kwairanga also pointed to a potential future listing of the bank on the Nigerian Exchange as the institution grows.
- “With the regional licence and, soon, the national licence, you can rest assured that it is only a matter of time before we have Greenwich Bank quoted on the Nigerian Exchange,” he said.
Group targets stronger capital base, digital expansion
Group Managing Director of Greenwich Holdings Limited, Oyewale Ariyibi, said the group would continue to strengthen its capital base, expand its retail financial-services footprint and accelerate its digital transformation agenda.
- “The commercial banking licence granted Greenwich Bank forms part of a broader strategy to build a stronger financial services group capable of providing complementary solutions across banking, asset management, securities and related financial services,” Ariyibi said.
The commercial banking expansion follows earlier moves by Greenwich to strengthen its capital position ahead of its transition.
- The group had previously said capital strengthening, subsidiary expansion and digital transformation would remain key priorities as it grows its financial-services businesses.
About Greenwich
Greenwich Holdings comprises Greenwich Bank Limited, Greenwich Capital Markets Limited, Greenwich Asset Management Limited and Greenwich Securities Limited, while its broader financial-services ecosystem also includes Greenwich Registrars and Data Solutions Limited and Greenwich Trustees Limited.
The group traces its roots to Greenwich Trust Limited, which was incorporated in 1992 and commenced operations in June 1994 as a Securities and Exchange Commission-regulated financial adviser and issuing house.
It subsequently converted into Greenwich Merchant Bank in 2020 after obtaining a merchant banking licence from the CBN, before beginning its latest transition into regional commercial banking.
