NOVA Merchant Bank gets nod for full commercial banking license

NOVA Merchant Bank has received approval from its shareholders to transition into commercial banking.

The shareholders gave their unanimous approval during the company’s 6th Annual General Meeting in Lagos on Wednesday.

At the meeting, the company’s Board of Directors took time to unveil a restructuring plan on how the bank will transition from a merchant bank to a commercial banking license.

The Chairman, NOVA Merchant Bank, Mr. Phillips Oduoza, who addressed shareholders at the meeting, explained that the decision to transition will help the bank further streamline its operations, bolster its financial stability, and foster sustainable growth across its businesses.

He said, “I am excited about the prospects of NOVA as we embark on this new growth phase”.

READ ALSO:Nova Merchant Bank grows full year profit by 43%, holds AGM

Expounding on this, NOVA’s Managing Director, Mr. Nath Ude, said, that with the new license, the bank was poised to extend its range of financial services throughout Nigeria.

Shareholders also ratified the bank’s result for the full year ended December 31, 2022.

Specifically, total assets grew by 14.6% to close 2022 at N279.9bn up from N244.2bn recorded the previous year; while profit before tax rose by 107.9 per cent to close the year 2022 at N3.50bn. Profit after tax also recorded a similar feat, as it jumped from N1.58bn in 2021 to N3.21bn in the year under consideration, representing a growth of 102.9%.

The bank said it will announce a new name to reflect the change in its banking licence.

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