Coronation Merchant Bank SWIFT Code: CMBBNGLA and CMBBNGLAXXX
Coronation Merchant Bank Limited uses the SWIFT/BIC CMBBNGLA for international banking identification. The corresponding 11-character form is CMBBNGLAXXX.
These codes are relevant when an international bank, investment institution or payment provider needs to identify Coronation Merchant Bank as the receiving financial institution. The BIC is not the same thing as an account number or a Nigerian domestic bank code.
Coronation Merchant Bank SWIFT code
| Institution | Coronation Merchant Bank Limited |
|---|---|
| 8-character BIC | CMBBNGLA |
| 11-character BIC | CMBBNGLAXXX |
| Country | Nigeria |
| City | Lagos |
| Address | 10 Amodu Ojikutu Street, Victoria Island, Lagos |
Breaking down CMBBNGLAXXX
The BIC has a defined structure. CMBB identifies Coronation Merchant Bank, NG identifies Nigeria, and LA represents the location component. The final XXX identifies the primary or head-office form.
When is Coronation Merchant Bank’s BIC needed?
The code can be required for international wire instructions involving the bank. A corporate customer receiving funds from an overseas institution may need to provide the BIC together with the beneficiary account and other payment information.
Because merchant-bank transactions can involve corporate, investment or institutional payments, the required documentation can be more extensive than a simple retail transfer.
Information required for an international payment
- Beneficiary or corporate account name.
- Account number.
- Coronation Merchant Bank’s name.
- SWIFT/BIC.
- Bank address where required.
- Currency and amount.
- Payment purpose and transaction reference.
- Correspondent-bank information where applicable.
- Supporting documentation where the transaction requires it.
CMBBNGLA versus CMBBNGLAXXX
CMBBNGLA is the eight-character BIC. CMBBNGLAXXX is the 11-character head-office form. They are not two different banks.
If a foreign bank’s form requires an 11-character BIC, use the complete code supplied in the official payment instructions. If the receiving instructions specify the eight-character code, do not invent a branch suffix.
Can you use the same BIC for every transaction?
Not necessarily. The core BIC may identify the institution, but specific payment instructions can include additional branch, service or correspondent information. The sender should therefore use the exact instructions supplied for the transaction.
Why correspondent-bank information matters
A SWIFT/BIC identifies the destination institution, but international payments can pass through intermediary banks. This is particularly important when the payment involves a foreign currency or a banking corridor requiring a correspondent relationship.
If Coronation Merchant Bank supplies an intermediary bank and BIC for a particular transaction, those details should be used exactly as provided.
Common mistakes
- Using CMBBNGLA as if it were the beneficiary’s account number.
- Replacing the SWIFT code with a Nigerian domestic bank code.
- Guessing an 11-character branch code.
- Using outdated correspondent information.
- Providing an incorrect corporate account name.
- Ignoring documentation requirements.
Frequently asked questions
What is Coronation Merchant Bank’s SWIFT code?
The eight-character BIC is CMBBNGLA.
What is the 11-character code?
The head-office form is CMBBNGLAXXX.
Is Coronation Merchant Bank’s BIC the same as its account number?
No. The BIC identifies the bank; the account number identifies the customer’s account.
Should I verify the BIC before sending a large payment?
Yes. International payment instructions should be confirmed with the receiving institution, particularly when the transfer is large or involves a foreign currency.