\n\n
The Central Bank of Nigeria has approved the conversion of Abbey Mortgage Bank Plc from a primary mortgage bank into a regional commercial bank, marking a major milestone in the institution’s expansion strategy. The approval allows the lender to broaden its operations beyond traditional mortgage financing and offer a wider range of banking services to individuals, businesses, and corporate clients across its designated operating region.
The bank disclosed that, following the regulatory approval, it will operate under the new name Abbey Bank Plc, in line with resolutions earlier approved by shareholders. Management explained that preparations are already underway for the transition, including technology upgrades, infrastructure expansion, corporate rebranding, and the rollout of new financial products. Full commercial banking operations are expected to commence in the fourth quarter of 2026.
According to the bank, the conversion will significantly enhance its service offerings by introducing retail and corporate banking, digital financial services, SME financing, international trade solutions, wealth management products, and expanded electronic banking channels while retaining its expertise in real estate financing. The development also aligns with the Federal Government’s broader financial inclusion agenda and ongoing banking sector reforms driven by the CBN’s recapitalisation programme.
The approval comes after Abbey Mortgage Bank strengthened its capital base through shareholder-backed fundraising initiatives. At its recent Annual General Meeting, shareholders authorised a ₦164.5 billion private placement and approved plans to raise an additional ₦100 billion through a combination of equity and debt instruments, subject to further regulatory approvals. Financial analysts believe the transition will position the institution as a stronger competitor within Nigeria’s banking industry while providing greater access to credit for households, small businesses, and the real estate sector.
