Firm Plans Transition To Commercial Bank After CBN Approval

Abbey Bank Plc, formerly Abbey Mortgage Bank Plc, has said it is entering a new era of banking beyond mortgage finance as it prepares for commercial banking operations.

The bank said the move follows approval by the Central Bank of Nigeria (CBN) to convert to a regional commercial bank, marking a significant milestone after more than three decades of operations in mortgage financing, real estate development and customer-focused financial services.

According to the bank, the transition represents more than a change in licence or name. It signals Abbey’s ambition to expand access to financial services, deepen customer relationships and create greater opportunities for individuals, businesses and communities across Nigeria.

As it advances towards the commencement of commercial banking operations in the fourth quarter (Q4) of 2026, Abbey said it is strengthening its institutional capabilities, refreshing its brand identity, enhancing its digital infrastructure and preparing to serve a broader range of customers across retail, business and corporate banking segments.

Speaking on the transformation, the managing director/chief executive officer of Abbey Bank Plc, Mr. Mobolaji Adewumi, described 2026 as a defining moment in the history of the bank.

“The year 2026 represents a defining moment in the history of Abbey. Our approval to transition to commercial banking is a testament to the work invested in building this institution and the confidence placed in us by our regulators, shareholders, customers and employees,” he said.

According to him, we are building on more than three decades of experience, particularly in mortgage banking and real estate finance, while preparing to serve a broader range of financial needs. Our ambition is to make banking more accessible, more responsive and more relevant to the aspirations of individuals, families and businesses.

Adewumi said the bank’s next chapter is about creating more possibilities for the people and businesses it serves, with a focus on delivering a seamless transition.

“As we prepare for the commencement of commercial banking operations, our focus remains on delivering a seamless transition, strengthening our capabilities and ensuring that our customers continue to experience the trust, service and commitment that define Abbey,” he added.

As part of its commercial banking preparations, Abbey stated it is advancing technology integration, strengthening operational processes and supporting the migration of customers to an enhanced core banking platform to support retail, SME and corporate banking services.

The bank also noted that its transformation is underpinned by financial resilience, sustainable growth and capital strengthening. It recorded strong financial momentum in 2025, with pre-tax profit rising to N3.12 billion from N1.22 billion in 2024.