Abbey Mortgage Bank Plc has received shareholder approval for a series of transformative resolutions, paving the way for a significant capital raise and its transition into a regional commercial bank.
The decisions, made during the bank’s virtual Extra-Ordinary General Meeting (EGM) on January 24, 2025, are set to reposition the institution for broader financial services offerings and enhanced competitiveness.
According to the company’s notice to the Nigerian Exchange Limited seen by THEWHISTLER, shareholders authorized the Board of Directors to increase and allot the Company’s issued share capital in compliance with Section 127(1) of the Companies and Allied Matters Act 2020 (CAMA) as amended.
The capital raise will enable Abbey Mortgage Bank to meet the Central Bank of Nigeria’s new requirements for regional commercial banks, a critical step in achieving its strategic objectives.
Any newly issued shares will rank equally with the Company’s existing shares, ensuring shareholder equity remains intact.
As part of its broader transformation strategy, the Company’s shareholders also approved a change of its legal and brand name from Abbey Mortgage Bank Plc to Abbey Bank Plc.
This rebranding reflects the institution’s evolution from a mortgage-focused entity to a full-fledged regional commercial bank. To support the transition, an updated version of the Company’s Memorandum and Articles of Association was adopted, incorporating the name change and revised object clauses.
The Board of Directors was granted the authority to implement the approved resolutions. This includes engaging professional advisers, managing the allotment and listing of new shares on the Nigerian Exchange Limited, and ensuring compliance with all regulatory requirements.
This development marks a significant milestone in the Company’s history as it seeks to broaden its market reach and enhance its service offerings.
