Abbey Mortgage Bank gets CBN nod to become regional commercial bank

Abbey Mortgage Bank has received approval from the Central Bank of Nigeria (CBN) to change into a regional commercial bank. The mortgage lender shared this news on Wednesday.

The bank said, "In addition, following the decision of shareholders at the extra-ordinary general meeting on Friday, 24th January 2025, we have changed our name from ‘Abbey Mortgage Bank Plc’ to ‘Abbey Bank PLC’,” in a regulatory notice.

After the announcement, shares of the mortgage bank rose by 5.4 percent to N7.8 each in Lagos by the end of trading on Wednesday.

Abbey Mortgage Bank offers services for real estate construction and personal banking. It is following the path of other financial institutions that have become full commercial banks. An example is Nova Bank, which made a similar switch from a merchant bank in 2024.

New Capital Rules

The new rules for regional commercial banks in Nigeria state they must have a minimum capital base of N50 billion. This is an increase from the previous requirement of N10 billion.

At its annual general meeting last Monday, Abbey Mortgage Bank got the green light from shareholders to start a debt issuance plan worth N100 billion.

The bank also received approval to raise an extra N64.5 billion in equity capital, pending regulatory clearance.

As of March 2026, Abbey Mortgage Bank's total assets were N222.4 billion. This is an increase from N165.8 billion in December 2025, based on its latest earnings report.

The bank's post-tax profit rose to N715.3 million in the first quarter of the year. This is up from N340.5 million in the same quarter last year. Gross earnings also increased by 85.6 percent to N7 billion.

VFD Group, an investment company listed on the Nigerian Exchange, owns a 22.5 percent share in Abbey Mortgage Bank, making it the largest shareholder.