All You Need to Know About Newly Launched Parellex Bank

*Parellex Bank transitioned from a micro-finance to commercial bank
*With the move, it becomes the first bank to so achieve such a status
*Parellex Bank is owned by Christ Embassy 

On Friday on Friday, January 14, 2022, Parellex Bank opened its doors to the public as a commercial bank. With the launch, it became the first bank to transition from a Microfinance to a Commercial bank as it previously operated with a Micro-finance license.

Launched  at the bank’s headquarters in Victoria Island, Lagos, Parallex Bank has set out with a mission to redefine the banking landscape in Nigeria, and Africa, by extension.

Several key dignitaries including the Deputy Governor of Delta State, Mr. Kingsley Otuaro, former Executive Chairman of the Nigerian Communications Commission (NCC), Mr. Ernest Ndukwe; Non-Executive Directors, Parallex Bank, Messrs Thomas Ehis Amenkhienan and Vale Odu-Thomas, Founder, Retro Group of Companies, Otunba Lekan Osifeso, investment banker and Chief Executive Officer, Chapel Hill Denham, Mr Bolaji Balogun, among others, were in attendance to witness this historic event.

The bank has Savvi Advisory Services, Mega Capital and Quest Advisory Services Limited as transaction partners.

Below are five things you should know about it:

The bank is owned by Christ Embassy, with this, the church thus becomes the first religious organization to fully own a commercial bank.

It has Pastor/Dr Adeola Philips as Chairman of the board and Mr Olufemi Bakre as the Managing Director, having its headquarters in Victoria Island, Lagos.

This would be the first time in Nigeria that a micro finance bank transitioned into a commercial bank.It was first established as a Microfinance Bank in 2008.

According to the management, it will operate by S.E.E.E.D.D, an acronym which stands for Speed, Execution, Extra mile, Executive touch, Digital innovations, and Discipline.