The capital base of Abbey Mortgage Bank, a leading mortgage institution in Nigeria, has soared to N6 billion after the infusion of fresh funds.
As of late, the Central Bank of Nigeria (CBN), the financial institution overseeing the Nigeria banking sector, approved Abbey Mortgage Bank to raise extra fund to expand its capital base.
The financial institution approached the nation’s capital market to source N3.3 billion value through a rights issue, which was accepted by new and existing investors.
This helped to make the banking organization better capitalized and able to deliver more financial services, especially in the real estate industry.
The N6 billion capital base, which the firm portrayed as an achievement, is in accordance with the essential plan of the management to reinforce the place of the organization to support the desired change in the mortgage industry.
With the expanded capital base, the bank has performed beyond the required capital base for the mortgage subsector, hence situated itself for greater business opportunities.
This will enable the bank to react to the changing monetary facts in the subsector and the financial sector in general, as well as further validate the trust of its clients and potential partners.
Reacting, the Managing Director of Abbey Mortgage Bank, Mr Madu Hamman, expressed that he was satisfied with the achievement of the bank, as it depicts the confidence the current investors have in the new management. Likewise, he expressed gratitude toward CBN for supporting the bank’s development in the previous year.
Moreover, Abbey Mortgage Bank is set on the way of expanded organization with land firms, advanced reception passes through its USSD *5103# to set out more cooperative open doors in the home loan area.
Abbey Mortgage Bank Plc participates in the provision of home loan, financial advice and real estate construction finance.
The bank also incorporates home loan banking, mortgage banking, retail banking and investment arrangements. The lender also offers different items, for example, term deposits, savings deposits, demand deposits, target savings, rent-to-own, home improvement credits.
Abbey Mortgage Bank exchanges its shares on the Nigerian Exchange (NGX) Limited. The stocks, at the end of business last Friday, were sold for N1.04 per unit, with the market capitalization at N6.72 billion.