Type your search keyword:

Latest News:

Investors Relations

Company Strategy

Growth Strategy

  • Strengthen our leadership focus by maintaining strategic investment and partnership with businesses that are complementary to our core services
  • Focus on the provision of affordable mortgages 
  • Strengthen business acquisition through the creation of a client facing Business Development Division focused along specific segment/ market
  • Aim to be reputed among the top 25 financial institutions in Nigeria
  • To be number one mortgage bank in Nigeria with demonstrative strong market dominance and leadership across key financial indicators
  • Be the market leader in service delivery in our chosen markets and target customer segment
  • Strengthen Abbey’s brand essence through brand repositioning and thought leadership engagements that will set ABBEY as the leading mortgage bank brand in Nigeria.
  • Abbey intends to upgrade its ICT offering with the introduction of more e-banking products, such as on-line banking, debit cards etc.
  • Abbey aims to attract new strategic equity and debt investors to enable it serve its customers better. Abbey is currently looking for equity investor (s) to acquire a minimum of 20 % stake in its operations, the ideal equity investor would be one that can add value to Abbey through capacity development and access to long term loan able funds
  • Management has adopted a highly integrated Bank-wide marketing strategy where every member of staff is a marketer. An achievable target will be set for each category of staff with incentive package attached to motivate performance.
  • Branch expansion shall be vigorously pursued to increase service channels, create visibility, grow customer and deposit base of the bank
  • Abby will introduce new savings account products that encourages depositors to “save to own” their own homes – one of such products is the newly introduced Abbey Home Account (AHA)
  • Lack of affordable housing stock is one of the challenges PMBs face in Nigeria. Abbey will establish a strategic relation with reputable estate develops and in-turn will offer mortgages to the developers’ off-takers. This will give Abbey an instant pool of mortgages customers.
  • Management shall maximize interest income, expand non-interest income base and adopt stringent cost management approach to grow the bank’s profitability to achieve a 12% return on asset
  • Abbey shall position itself as a market marker and leader
  • Every transaction must cover all associated costs including percentages return to stakeholders, reasonable profit and affordable price. This strategy would also guide the risk management and investment decision in line with the guidelines provided by CBN, NDIC and FMBN from time to time
  • Abbey shall strive to build on the brand name by being visible to and remaining in the minds of people in Nigeria
  • Abbey shall strive to develop products to meet the needs of identified target market as the need arises. We shall always ensure that our products are current, competitive and are sustainable.

Strategic Direction

Short Term Goal

Management has outlined the following plans:

Human Capital

  • Aggressive Training programs for staff
  • Introduction of Corporate and Employee Performance Management Systems (PMS)
  • Review of Management succession plan
  • Entrenchment of a culture of reward and sanction system

Customer service

  • Creation of customer service desks across branch network.
  • Streamline the distribution of staff to reduce the high ratio of non-customer facing staff to customer facing staff
  • Introduction of Performance based account allocation
  • Regular training of customer service officers on client service management and product knowledge.

Operations

  • Streamline operation processes and procedures.
  • Collaboration with a commercial bank for the provision of convenient banking services (debit card and prepaid card).
  • Automation of credit origination and implementation of straight through operations system to reduce error rates and manual processing
  • Set up a structured archiving system.
  • Revision and simplification of existing mortgage products
  • Growing our loan portfolio and deposit base
  • Growing fee-based income by undertaking more investment banking activity
  • Every transaction must cover all associated costs including percentages return to stakeholders, reasonable profit and affordable price. This strategy would also guide the risk management and investment decision in line with the guidelines provided by CBN, NDIC and FMBN from time to time.

Risk Management

  • Institutionalization of Enterprise Risk Management Framework (ERM).
  • Bank wide risk acculturation programs
  • Institutionalization of corporate governance framework
  • Extensive training on risk policies and processes.
  • Framework for Key Risk Indicators (KRI) and Risk Control Self-Assessment (RCSA)

Marketing and sales

  • Grow retail market presence
  • Creation of a Business Development directorate to drive retail and deposit mobilization
  • Abbey shall position itself as a market marker and leader
  • Abbey shall strive to build on the brand name by being visible to and remaining in the minds of people in Nigeria
  • Abbey will introduce new savings account products that encourages depositors to “save to own” their own homes – one of such products is the newly introduced Abbey Home Account (AHA)
  • Increase deposits drive and mobilization

Infrastructure

  • Invest in IT and communication upgrades
  • Abbey intends to upgrade its ICT offering with the introduction of more e-banking products, such as on-line banking, debit cards etc.

Long Term Goals

  • Growing its branch network
  • Branch expansion shall be vigorously pursued to increase service channels, create visibility, grow customer and deposit base of the bank
  • Upgrading its systems and processes
  • Aim to be reputed among the top 25 financial institutions in Nigeria
  • Abbey aims to attract new strategic equity and debt investors to enable it serve its customers better.
  • Abbey will establish a strategic relation with reputable estate develops and in-turn will offer mortgages to the developers’ off-takers. This will give Abbey an instant pool of mortgages customers. This will position us to provide affordable housing stock, which is one of the challenges PMBs face in Nigeria.
  • Management shall maximize interest income, expand non-interest income base and adopt stringent cost management approach to grow the bank’s profitability to achieve a higher return on asset (ROA)
  • Identification of possible joint ventures partners
  • Assessment of real estate sector for potential alliances
  • Strengthen our leadership focus by maintaining strategic investment and partnership with businesses that are complementary to our core services
  • To substantially improve our credit rating of Bb+ (Agusto & Co, 2012) by 2015