Abbey Mortgage Bank rights issue over-subscribed

Abbey Mortgage Bank is repositioned for growth with the recently concluded right issue exercise which will increase the capital of the bank by circa N3billion. The success of the right issue is an indication of the confidence that the shareholders have in the management and the strategic intention of the bank.

In the last few months, the bank grew it’s deposit liability to N14billion from N6billion in 2020 through aggressive sales drive and increased brand visibility. In order to attain the next phase of growth, the management has identified key areas to drive revenue which includes mortgage/construction finance, treasury related activities and aggressive customer acquisition through the launch of its digital channels.