Coronation Merchant Bank, an investment banking institution, has announced the appointment of Paul Abiagam as its acting managing director and chief executive officer.

A statement released by the bank on Monday confirmed that Abiagam's appointment is effective immediately.

Prior to this role, Abiagam served as the deputy managing director of Coronation Merchant Bank.

Commenting on the appointment, the chairman of Coronation Merchant Bank, Mr Babatunde Folawiyo, said, “Abiagam is a proven leader whose strategic acumen and extensive experience in the banking sector make him the ideal choice to steer Coronation Merchant Bank through its next phase of growth.

“His appointment as Acting Managing Director/CEO aligns with our phased leadership transition plan, which has been carefully executed with the cooperation of the erstwhile MD/CEO, Banjo Adegbohungbe. We have full confidence in Abiagam’s ability to drive our strategic goals and deliver exceptional value to our stakeholders.”

Abiagam brings a wealth of experience in corporate, commercial, and consumer banking, with a particular emphasis on strategic business development and wealth management, as evidenced by his professional profile.

“Through his professional career, spanning over two decades, Abiagam has built a reputation for leading high-performing teams to achieve remarkable results. His roles at recognized financial services companies involved driving significant transformations with innovative strategies and aligning systems with corporate goals, thereby, unlocking exponential profitability and growth.

“His leadership skills are complemented by his strong analytical capabilities in finance, risk management, and operations, which have been instrumental in developing cutting-edge insights that propel sustainable profits. His forward-thinking approach to international trade finance and asset management has established him as a leader within the banking industry,” the statement partly read.

Abiagam joined Coronation Merchant Bank in the year 2023. Prior to that, he held the position of pioneering managing director at Guaranty Trust Pension Managers Ltd.