Merchant Banks In Nigeria – Best 5 Merchant Banks in Nigeria
The banking sector is so vast that there are a lot of subsections in the industry each having its own specific issue that it will handle. Merchant Banks are one of the meant banking systems in the world. There are mortgage Banks, government Banks, Investment Banks, Commercial Banks among others. However, the center of attention on this post will be the merchant Bank. All you need to know about merchant Banks in Nigeria, as well as the best 5 Merchant Banks in Nigeria.
Some people often get confused as to the difference between merchant Banks and mortgage Banks since they primarily focus on loans. The major difference between both types of banks is that mortgage Banks deal with mortgage loans, i.e. relating to land and property. Whereas merchant Banks primarily focus on commercial loans, i.e. relating to investment and commerce. Sometimes merchant Banks are referred to as investment Banks, they let you manage your financials from the conception stage to execution, weighing all risks involved.
Merchant Banks In Nigeria
Merchant banks focus on wholesale and investment banking where you have advisory services, wealth management, asset management, debt capital markets, and equities. These services are still very rudimentary in Nigeria considering the country is still developing. There are a total of five, 5 Merchant Banks across Nigeria according to the central bank of Nigeria, (Bank for bankers).
Best 5 Merchant Banks in Nigeria
Coronation Merchant Bank
FBN Quest Merchant Bank
DSH Merchant Bank
NOVA Merchant Bank
Rand Merchant Bank
Merchant Bank in Nigeria
1. Coronation Merchant Bank
The bank was initially founded as Associated Discount House Limited (“ADHL”) in 1993 by a consortium of reputable financial institutions. They received their license for operation through Central Bank of Nigeria to provide liquidity for sovereign debt notes and money market instruments.
Date of establishment: 1993
Authorization: Regional
Headquarters: 10 Amodu Ojikutu St, Victoria Island, Lagos.
Total number of branches: 27
Official website: www.coronationmb.com
Contact email: [email protected]
2. FBN Quest Merchant Bank
In 2014, FBN Holdings Plc acquired 100% equity in Kakawa Discount House Limited.
Subsequently secured approval to commence merchant banking operations as FBN Merchant Bank (now FBNQuest Merchant Bank).
The acquisition served as a strategic fit into the FBN Holdings portfolio. This also created an institution with a stronger balance sheet and access to a wider universe of funding sources.
Date of establishment: 2014
Authorization: International
Headquarters: 10, Keffi Street, Off South West, Awolowo Road, Ikoyi 101233, Lagos
Number of branches: 3
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