Abbey Mortgage Bank Set To Transition Into Regional Bank

Abbey Mortgage Bank Plc has announced plans to hold an Extraordinary General Meeting (EGM) on Friday, January 24, 2025, to seek shareholder approval for key resolutions pivotal to its strategic transition into a regional commercial bank.

This was contained in the company’s notice to the Nigerian Exchange Limited seen by THE WHISTLER.

The primary agenda includes authorizing the Board of Directors to increase and allot the company’s share capital, a move aimed at raising additional funds to meet the new capital requirements set by the Central Bank of Nigeria for regional commercial banks.

This proposal, in line with the provisions of Section 127 (1) of the Companies and Allied Matters Act 2020 and amendments under the Business Facilitation (Miscellaneous Provisions) Act, is designed to position the company for growth and compliance with regulatory mandates.

Shareholders will also vote on the issuance of new ordinary shares, which will rank equally with existing shares. The Board seeks authorization to undertake necessary actions, including appointing professional advisers, allocating shares, listing them on the Nigerian Exchange Limited, and ensuring full regulatory compliance to implement the resolution effectively.

In a significant move aligned with its regional banking aspirations, the company proposes changing its name from Abbey Mortgage Bank Plc to Abbey Bank Plc. This rebranding effort is accompanied by plans to revise the company’s Memorandum and Articles of Association to reflect the name change and updated business objectives.

The EGM will also consider granting the Board the authority to take all requisite steps to implement these changes, ensuring alignment with the company’s strategic goals and compliance with regulatory frameworks.

Abbey Mortgage Bank’s transition to a regional commercial bank represents a pivotal moment in its evolution, underscoring its commitment to growth, regulatory compliance, and enhanced service delivery. Shareholders and stakeholders are encouraged to participate in the virtual EGM to deliberate on these transformative resolutions.