Abbey Mortgage Bank To Become Regional Commercial Bank After CBN Approval

Abbey Mortgage Bank Plc has secured approval from the Central Bank of Nigeria (CBN) to convert into a regional commercial bank, marking a shift from its current status as a primary mortgage institution.

The development was disclosed in a regulatory filing, signalling a strategic change that will see the bank expand into broader commercial banking activities beyond housing finance.

The conversion is expected to take effect later in 2026, subject to the completion of regulatory and operational requirements, including system upgrades and restructuring.

The move comes amid ongoing changes in Nigeria’s banking sector, where institutions are seeking to strengthen capital bases and diversify operations in response to evolving regulatory and market conditions.