Abbey Mortgage Bank set to rebrand to commercial lender after 30 years

By Joseph Olaoluwa

After three decades of operation as Abbey Mortgage Bank, the financial institution is on course to change its name to Abbey Bank Plc as it transforms into a regional commercial bank.

The bank disclosed this at an Extraordinary General Meeting (EGM) held virtually on January 24, 2025, according to an NGX filing.

“That in view of the company’s strategy of transitioning into a regional commercial bank, there should be a change of the legal and brand name of the company from Abbey Mortgage Bank Plc to Abbey Bank Plc,” part of the EGM resolution read.

The meeting also directed the board to increase and allot the issued share capital of the company to raise additional capital and meet the new capital requirements of the Central Bank of Nigeria.

According to recent CBN rules, commercial banks with international spread will increase their minimum capital to ₦500 billion while national and regional banks need ₦200 billion and ₦50 billion respectively. The deadline is set for March 2026.