By Peter Egwuatu
CORONATION Merchant Bank Limited has commenced talks with some state governments over infrastructure financing in order to overcome the financial constraints which had contributed significantly to their inability to provide some basic amenities to the people, just as it unveiled its new corporate identity.
The bank, formerly Associated Discount House Limited, ADHL, has also recorded remarkable stride in the merchant banking business as it posted zero Non Performing Loan, NPL as at December, 2016.
The Managing Director/CEO, Coronation Merchant Bank, Mr. Abubakar Jimoh, who revealed this to Vanguard yesterday in Lagos, stated: “We are here because there is a clear market demand for more sophisticated banking services as well as advisory services. Already we are in talks with some state governments over infrastructure financing. We are going to innovate products that will help address the infrastructural needs of both states and corporates in the country.”
Commenting on the new corporate identity of the bank, Jimoh stated: “As there is a clear market demand for more sophisticated banking services from Nigeria’s top tier corporate, Coronation Merchant Bank will focus on bringing world-class advisory services, accompanied by innovative products and services to the sub-region; depend and broaden economic growth over the next decade, whilst remaining committed to our values of strong governance and transparency.”
He further stressed that the Bank has done at least three Commercial Papers for corporate organisations in less than two years it started operations as a merchant bank, adding that “the Bank is an emerging merchant banking franchise with industry leading financial stability indicators and an “A” rating from Agusto & Co. The credit rating is a valid testament to the Bank’s strong capitalisation, good liquidity profile and robust risk management framework evidenced by the zero NPL ratio as at December 2016.”