The Central Bank of Nigeria (CBN) has approved the conversion of Abbey Mortgage Bank Plc into a regional commercial bank, paving the way for the institution to expand its services beyond mortgage banking.

The approval marks a significant milestone for the bank, which has also completed a corporate rebranding and will now operate as Abbey Bank Plc.

Bank adopts new identity

The name change follows resolutions approved by shareholders in January 2025 as part of the institution’s long-term transformation strategy.

With the new licence, Abbey Bank can now offer a wider range of commercial banking services while maintaining its presence in Nigeria’s financial sector.

The move is expected to strengthen the bank’s ability to serve more customers and support financial inclusion initiatives across its operating region.

Expansion and recapitalisation plans

As part of its transition, Abbey Bank has begun efforts to meet the CBN’s recapitalisation requirement for regional commercial banks, which is set at N50 billion.

Regulatory filings indicate that the bank has secured approvals to raise additional capital and establish a N100 billion debt issuance programme to support future growth and expansion.

The institution said the initiative would enhance its operational capacity and support the development of its digital banking ecosystem.

Strong financial performance

Recent financial results released by the bank showed continued growth in key performance indicators.

According to the latest figures, total assets rose to more than N222 billion as of March 2026, while gross earnings and profitability also recorded significant year-on-year increases.

The conversion places Abbey Bank among financial institutions that have transitioned from specialised banking operations to broader commercial banking models as competition and regulatory expectations continue to reshape Nigeria’s banking industry.