RMB Nigeria Limited
|Credit Rating Assigned:
||13 July 2017
||30 June 2018
||Agusto & Co. Limited, Nigeria
The rating assigned to Rand Merchant Bank Nigeria Limited (“RMBN” or “the Bank”) reflects RMBN’s good asset quality, strong capitalization and a good liquidity profile. However, the rating is constrained by weak profitability, low market share as well as the current macroeconomic climate that is expected to adversely impact the performance of the Nigerian banking industry. The rating also reflects the membership of RMBN in the FirstRand Group — one of the leading South African banks with presence in nine African countries and an asset base of approx. $91 billion (R1180 billion) as at 31 December 2016.
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