Greenwich Merchant Bank

What Greenwich Merchant Bank does

Greenwich Merchant Bank Limited is a Nigerian-licensed merchant bank headquartered in Lagos with a regional office in Abuja, operating six core business divisions: Investment Banking (capital markets, M&A and financial advisory, structured finance), Corporate Banking (working capital, term loans, trade services, cash management), Private Banking (wealth management and investment products), Treasury and Global Markets (fixed income, money market, FX as a licensed Primary Dealer and Market Maker), Asset and Wealth Management, and Securities Trading. It serves corporate, institutional, government, and high-net-worth clients across Nigerian sectors including manufacturing, agriculture, healthcare, FMCG, construction, oil and gas, telecommunications, and the federal and state public sector, with a stated focus on a "well-defined target market and select clientele."

The bank runs a digital infrastructure comprising the ibank.greenwichbankgroup.com online banking platform, the MyTradebook web and mobile securities trading application (available on iOS and Android), an FX service portal integrated with NIBSS, and certified ISO 27001 (Information Security Management) and ISO 22301 (Business Continuity Management) systems. Subsidiaries include Greenwich Asset Management Limited and Greenwich Securities Limited; the group operates under the CBN-approved Greenwich Holdings Limited holdco structure formalized in March 2025.

Revenue is generated through a mix of recurring streams (interest income from corporate lending, private banking deposits, asset management fees) and transactional streams (capital markets advisory and underwriting fees from bond/sukuk issuances, M&A advisory, fixed income trading, FX, and money market activities). Distribution is relationship-led via dedicated coverage teams rather than self-serve, supplemented by digital channels for securities trading and routine banking.

Name

Greenwich Merchant Bank

Legal name

Greenwich Merchant Bank Limited

Website

https://greenwichbankgroup.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

251–500 employees

Short description

Greenwich Merchant Bank is a CBN-licensed Nigerian merchant bank offering investment banking, corporate banking, private banking, treasury, asset management, and securities trading to corporate, institutional, government, and high-net-worth clients across Nigeria from Lagos and Abuja.

Ownership category

akta.pro rank

Product category

Merchant Banking

NAICS

Investment Banking and Securities Intermediation (52315), Commercial Banking (522110), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Commodity Trade Finance (Soft/Hard Commodities) (FSABAHAI)

akta.pro secondary industries

Investment Grade Credit Trading (FSACAEAC), Consumer & Retail (CPG, Food, Apparel) (FSABACAM), Wealth Lending & Margin / Securities-Backed Lines (Retail) (FSAAAAAN)

Keywords

• Merchant banking services
• Investment banking advisory
• Corporate lending trade finance
• Treasury and global markets
• Securities trading brokerage

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Corporate Banking Income: Interest income from corporate lending, working capital loans, term loans, project finance, and trade financing services
2. Investment Banking Fees: Capital markets advisory, financial advisory for M&A, capital raising transaction fees from bond issuances, public offers, rights issues, private placements
3. Private Banking Income: Investment products including call accounts, money market funds, tenured deposits, treasury bills, domiciliary deposits, and eurobonds
4. Treasury and Global Markets: Fixed income trading (bonds, treasury bills, commercial papers), money market instruments, foreign exchange services

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Greenwich Merchant Bank provides full-spectrum merchant banking services across six business lines: Investment Banking (capital markets advisory, debt and equity capital raising, structured finance and financial advisory); Corporate Banking (lending, trade finance, cash management and online corporate banking via ibank); Private Banking (wealth advisory and bespoke investment products for HNW clients); Treasury and Global Markets (fixed income, money market, FX and structured products); Asset and Wealth Management (discretionary and non-discretionary portfolio mandates, mutual funds such as Alpha ETF and Greenwish Plus); and Securities Trading (brokerage execution via the MyTradebook platform). The bank is licensed by the Central Bank of Nigeria as a merchant bank and serves corporate, institutional, government and high-net-worth clients across Nigeria from Lagos and Abuja.

Product overview

Greenwich Merchant Bank operates as a multi-product financial institution offering a comprehensive suite of banking and financial services. The bank is structured around six core business divisions: Investment Banking (capital markets, financial advisory, structured finance), Corporate Banking (financing, trade services, cash management), Private Banking (wealth management, investment products), Treasury & Global Markets (fixed income, money market, FX services), Asset & Wealth Management, and Securities Trading. The bank also offers digital banking platforms including online banking, FX trading portal, and the mytradebook securities trading platform. Additional offerings include ETF products (Alpha ETF), investment funds (Greenwish Plus, Nigeria Entertainment Fund), and market research services. The group structure includes wholly-owned subsidiaries: Greenwich Asset Management Limited and Greenwich Securities Limited, with Greenwich Holdings Limited as the holding company structure.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking

Quantifiable outcome

• Zero non-performing loan ratio achieved by Greenwich Merchant Bank during 2025
• +2 more outcomes

Named customers3 records

Segments9 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Nigerian Investment Promotion Commission (NIPC)coreStrategic or Co-development Partner · 1 March 2025Greenwich Merchant Bank partnered with NIPC to promote investment initiatives in Nigeria, supporting the commission's efforts to attract and facilitate investments.
• PSRG-RichardsoncoreStrategic or Co-development Partner · 16 January 2025Greenwich Merchant Bank partnered with PSRG-Richardson on health, safety, security and environment (HSSE) sustainability initiatives. The partnership aims to drive Nigeria's economy towards robust and inclusive growth through collaboration on sustainability matters.
• Nigerian-British Chamber of Commerce (NBCC)minorGTM or Marketing Partner · 1 January 2024Greenwich Merchant Bank sponsored the annual NBCC Golf Tournament, a sporting event providing business leaders opportunities to engage in networking activities.
• Greenwich FoundationcoreOthers · 1 January 2024The Greenwich Foundation executes CSR initiatives focusing on education, healthcare, and the girl child, including upgrading facilities at Ransome Kuti Memorial Grammar Schools.
• TAJBank LimitedcoreImplementation/ SI/ Consulting Partner · 1 January 2023Greenwich Merchant Bank acted as Lead Issuing House for TAJBank's ₦100 billion Mudarabah Sukuk Programme, successfully raising ₦11.4 billion in the first issuance - the first Additional Tier 1 Capital Mudarabah Sukuk in Nigeria.
• Family Homes Fund Limited (FHFL)coreImplementation/ SI/ Consulting Partner · 1 January 2022Greenwich Merchant Bank advised Family Homes Fund Limited on the issuance of the first ever Corporate Sukuk registered by SEC - N10 billion Ijarah Sukuk Series I, which was oversubscribed to ₦21.3 billion.
• Debt Management Office (DMO)coreImplementation/ SI/ Consulting Partner · 1 January 2022Greenwich Merchant Bank served as mandated Issuing House for Federal Government Sukuk issuances, including FGN Sukuk V (₦130 billion) and FGN Sukuk IV (₦250 billion) for infrastructure projects.

Scale indicators9 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Coronation Merchant Bank: Coronation Merchant Bank is a licensed Nigerian merchant bank offering similar services to Greenwich including corporate banking, investment banking, and treasury services. It serves comparable corporate and institutional clients in Nigeria with a similar product suite, making it the closest direct comparable in the Nigerian merchant banking space.
• FBN Merchant Bank (Quest Merchant Bank): FBN Merchant Bank (now Quest Merchant Bank) is another Nigerian merchant bank that operated with a similar model to Greenwich, offering investment banking, corporate banking, and advisory services. It competes directly with Greenwich for Nigerian corporate and government capital markets mandates.
• Rand Merchant Bank Nigeria: Rand Merchant Bank Nigeria is a subsidiary of FirstRand Limited and offers corporate banking, investment banking, and treasury services to Nigerian corporate clients. It competes directly with Greenwich for mid-to-large corporate mandates and FX/fixed income business.
• Chapel Hill Denham: Chapel Hill Denham is a leading Nigerian investment banking firm offering capital markets advisory, equity research, and asset management services. It competes directly with Greenwich's investment banking franchise for Nigerian corporate and government mandates.
• United Capital Plc: United Capital is a Nigerian financial services group offering investment banking, asset management, securities trading, and trustees services. Its multi-product structure mirrors Greenwich's holdco model and it competes for similar Nigerian corporate and institutional clients.

Broad incumbents

• Stanbic IBTC Bank: Stanbic IBTC is a full-service Nigerian commercial bank with a strong investment banking arm. It is significantly larger than Greenwich and competes broadly across corporate banking, investment banking, and asset management, but does not specialize as narrowly in merchant banking.
• Ecobank Nigeria: Ecobank Nigeria is a tier-1 commercial bank with a pan-African parent, offering corporate banking, investment banking, and treasury services. It competes with Greenwich for corporate and government mandates but at significantly larger scale and broader geographic reach.

Emerging players

• Cardinalstone Partners: Cardinalstone Partners is a Nigerian investment management and advisory firm focused on asset management and capital markets. It overlaps with Greenwich's asset management and investment banking divisions, particularly for mid-market Nigerian corporate clients.
• ARM Investment Managers: ARM Investment Managers is a leading Nigerian asset management firm that overlaps with Greenwich's Asset & Wealth Management division. While not a direct banking competitor, it competes for the same HNW and institutional asset management mandates.

Others

• FMDQ Group: FMDQ Group operates the FMDQ Securities Exchange and OTC securities market in Nigeria where Greenwich serves as a Primary Dealer and Market Maker. It is an ecosystem participant rather than a competitor, providing the trading infrastructure that Greenwich's Treasury & Global Markets and Securities Trading divisions operate within.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/greenwichmb

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenwich Merchant Bank