Abbey Mortgage Bank To Hold EGM On Strategic Transition

Abbey Mortgage Bank Plc has scheduled an Extraordinary General Meeting (EGM) for Friday, January 24, 2025, to seek shareholder approval for critical resolutions supporting its transformation into a regional commercial bank.

In a recent notice to the Nigerian Exchange Limited, the bank outlined its plans to increase and allot additional share capital.

This initiative is aimed at raising funds to meet the Central Bank of Nigeria’s capital requirements for regional commercial banks, in compliance with Section 127 (1) of the Companies and Allied Matters Act 2020 and the Business Facilitation Act.

As part of the proposal, shareholders will vote on the issuance of new ordinary shares, which will hold equal standing with existing shares. The Board of Directors also seeks authorisation to appoint professional advisers, allocate shares, list them on the Nigerian Exchange Limited, and fulfil all regulatory requirements to implement the resolutions.

In line with its regional banking ambitions, the bank has proposed a rebranding effort, including a name change from Abbey Mortgage Bank Plc to Abbey Bank Plc. This will be accompanied by revisions to the company’s Memorandum and Articles of Association to reflect the updated business objectives.

The EGM will provide an opportunity for shareholders to deliberate on these transformative plans, which are pivotal to Abbey’s strategic growth, regulatory compliance, and improved service delivery. Shareholders and stakeholders are encouraged to participate virtually to contribute to the bank’s future direction.