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GCR Affirms RMB Nigeria Rating, Upgrades Outlook to Positive

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CR Ratings has affirmed the national scale longand short-term issuer ratings of Rand Merchant Bank Nigeria (RMBN) at AA-(NG) and A1+(NG), respectively, while revising the outlook from stable to positive.

In its latest rating report, GCR highlighted RMBN's strong capitalisation, sound risk management, and adequate funding and liquidity profile. The bank, a wholly owned subsidiary of South Africa's FirstRand Group, benefits from solid parental support and access to the group's extensive financial resources. FirstRand reported total assets of $109.1 billion as of December 31, 2024.

RMBN plays a strategic role in Nigeria's merchant banking segment, holding 23.6% of the sector's total assets, 25.9% of loans, and 12.6% of customer deposits. Despite a smaller footprint in the broader Nigerian banking industry, the bank's operational efficiency and focused strategy have delivered strong earnings, supported by its niche market presence.

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