Abbey Mortgage Bank has been further capitalised to N6 billion following the approval issued by the Central Bank of Nigeria (CBN) N3.03 billion equity capital raised during the last right issue exercise of the bank.
This milestone, a statement said, is in line with the strategic plan of the management to strengthen the position of the company to champion the most desired change in the mortgage industry.
With the increased capital base, the bank has surpassed the minimum capital requirement for the mortgage subsector, and it has positioned itself for improved business opportunities.
In addition, this will give the bank the capacity to respond to the dynamic economic realities in the subsector and the financial services sector at large, as well as improve the confidence of its customers and potential business partners.
Commenting on the recent development, the Managing Director of Abbey Mortgage Bank, Madu Hamman, stated that he is pleased that the bank has achieved another milestone, as this demonstrates the confidence the existing shareholders have in the new management. In addition, he also thanked CBN for supporting the bank’s growth effort in the past year.
Furthermore, Abbey Mortgage Bank is set on the path of increased partnership with real estate firms, digital adoption drive through its USSD *5103# as well create more collaborative opportunities in the mortgage sector.
Abbey Mortgage Bank Plc engages in the provision of mortgage services, financial advisory and real estate construction finance. The bank’s segments include mortgage banking, retail banking and investment solutions. The bank also offers various products, such as term deposits, savings deposits, demand deposits, target savings, rent-to-own, home improvement loan.
The bank’s market capitalisation stands at N6.72 billion and its shares last traded at N1.04 per share.