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Nigeria: Fitch Revises Coronation Merchant Bank s Outlook to Stable
21 December 2020
Fitch Ratings has revised the outlook on Coronation Merchant Bank s Long-Term Issuer Default Rating (IDR) to Stable, from Negative.
The rating agency also affirmed the bank s IDR at B-, its Viability Rating (VR) at b- and National Long-Term Rating at BBB (nga) .
According to Fitch Ratings, Coronation Merchant Bank has good asset-quality, reporting zero impaired loans (IFRS 9 Stage3)/gross ratio as at end 9M20, which has also been the case since inception. CMB s lending has continued to grow rapidly (up 45% yoy in 9M20), in line with high demand for imports and the diversification of the bank s funding profile.
UBA America, the United States subsidiary of Pan African financial institution, United Bank for Africa (UBA) Plc, has pledged its continued commitment to facilitating trade and investment between North America and the African continent.
Speaking on Thursday from the Bank’s office in New York, the Chief Executive Officer, UBA America, Ms. Sola Yomi-Ajayi, disclosed that the bank’s major focus and strategy is to enable the flow of development capital, in line with its commitment to supporting companies achieve their aims of international trade between both continents.
UBA America is the only sub-Saharan African bank licensed to operate a bank in the United States of America (USA) and armed with the fact that its parent company, UBA Group has operations in over 19 African countries and major financial capitals, the bank is continuously hinging on its pan-African strength and global connectivity to support African and international businesses.
Fitch Ratings has revised the outlook on Coronation Merchant Bankâs Long-Term Issuer Default Rating (IDR) to Stable, from Negative.
The rating agency also affirmed the bankâs IDR at âB-,â its Viability Rating (VR) at âb-â and National Long-Term Rating at âBBB (nga)â.
According to Fitch Ratings, âCoronation Merchant Bank has good asset-quality, reporting zero impaired loans (IFRS 9 Stage3)/gross ratio as at end 9M20, which has also been the case since inception. CMB’s lending has continued to grow rapidly (up 45% yoy in 9M20), in line with high demand for imports and the diversification of the bank’s funding profile.