Abbey Bank Targets Wider Market with Commercial Banking Transition

Abbey Bank Plc, formerly Abbey Mortgage Bank Plc, said it is repositioning for growth and wider market reach following approval by the Central Bank of Nigeria (CBN) to operate as a regional commercial bank.
The bank’s Managing Director and Chief Executive Officer, Mr Mobolaji Adewumi, in a statement in Lagos on Tuesday, said the transition would enable the institution to expand its financial services to individuals, businesses and corporate customers.
Adewumi described 2026 as a defining moment in the bank’s history, following more than three decades of experience in mortgage financing, real estate development and customer-focused financial services.
He said the bank was strengthening its institutional capacity, upgrading its digital infrastructure and refreshing its brand identity ahead of the commencement of commercial banking operations in the fourth quarter of 2026.
According to him, the transition goes beyond a change of licence and name, reflecting the bank’s ambition to improve access to financial services and deepen customer relationships.
“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.
Adewumi said the bank would leverage its experience in mortgage banking and real estate finance to serve a broader range of financial needs.
He said the bank was also advancing technology integration, strengthening operational processes and migrating customers to an enhanced core banking platform to improve service delivery.
The managing director said digital banking remained central to the bank’s strategy to make financial services more accessible, convenient and responsive to customers’ needs.
He added that the bank would sustain its commitment to sound corporate governance, prudent risk management, regulatory compliance and responsible financial innovation.
Adewumi said the bank’s transformation was underpinned by financial resilience, sustainable growth and efforts to strengthen its capital base.
He disclosed that the bank recorded a profit before tax of N3.12 billion in 2025, up from N1.22 billion in 2024.
He said the performance provided a foundation for the bank to pursue new opportunities and manage the demands associated with commercial banking.
He assured customers of a seamless transition, adding that the bank would maintain its commitment to trust, quality service and customer satisfaction.
“Our next chapter is about creating more possibilities for the people and businesses we serve,” he said.