Associated Discount House Limited ("ADHL") was founded by a consortium of reputable financial institutions in 1993 and licensed by the Central Bank of Nigeria ("CBN") to provide liquidity in Sovereign debt notes and money market instruments.
ADHL leveraged on sound corporate governance and support of core shareholders to wax stronger year on year over its 22-year history, surviving the industry tides which sank 40% of its peers. Whilst other survivors were left with blotches, ADHL sailed through the tide in colours, as reflected in the recent rating upgrade (from BBB- to A-) by Agusto & Co; the foremost independent credit agency in the country. Attracted by its resilient fundamentals, new institutional investors injected additional N5 billion capital into ADHL, thereby setting the tone for the next phase of its corporate life.
In 2011, following the acquisition of erstwhile Intercontinental Bank Plc by Access Bank Plc, a new leadership emerged signaling a new beginning for ADHL as evidenced by its ability to turn challenges in the industry to viable opportunities.
The transition from a Discount House to Merchant Banking commenced on September 27 2013 and culminated in the issuing of CBN's approval of the conversion on April 30, 2015 to Coronation MB. Following this, the bank also obtained its FX dealing license on July 2 2015. With both approvals, Coronation MB assumes the heritage assets and liabilities of ADHL and brings alive a new force in the Nigerian Banking Industry.
ADHL's core strength in treasury business, a sound corporate governance, consistent investment in human capital and technology has positioned Coronation MB to create a new order in Asset/ Wealth Management as well as Corporate and Investment banking. Interestingly, the change in leadership in 2011 signaled a new beginning for ADHL; posting consistent growth across all metrics and turning the industry challenges into opportunities.