AGUSTO & Co. has upgraded its rating of Rand Merchant Bank Nigeria Limited to “Aa-”.

The company in a statement said that the rating assigned to Rand Merchant Bank Nigeria Limited (RMBN Nigeria) reflects the bank’s good profitability, good asset quality, good capitalization for current business risks and good liquidity, with operations driven by an experienced management team.

It stated further: “The bank’s profile is further buoyed by demonstrated support from its parent company, FirstRand Limited in various capacities, spanning risk management, customer referrals and liability generation.

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“Given RMB Nigeria’s improved earnings and strengthened profitability profile, as well as its good liquidity track record, we hereby upgrade the Bank’s rating to “Aa-”, reflective of a financial institution of sound financial capacity and strong ability to meet its obligations.

“Rand Merchant Bank Nigeria has over 15 years of transactional experience in Nigeria ranging from advisory roles on infrastructure projects, mergers and acquisitions to the funding of various transactions across multiple sectors.

We have an extensive pool of investment banking talent, including fixed income, currency and commodities experts who understand the Nigerian and broader African landscape.”

Vanguard