List of Merged Banks in Nigeria. The Central Bank of Nigeria embarked on a banking reform in 2004 to fortify the operational skills and competitiveness of Nigerian banks.
A merger is simply the agreement and incorporation of two or more existing organizations into one conglomerate.
In terms of the banking institution, it is the agreement of two or more existing banks to form one bank for easy operation and diversification.
A merger in the banking sector is the joining of two or multiple prevailing banks to form one bank. This may be a result of the banks not being able to meet the obligations and requirements to operate in such a capacity. So, the failing banks form a strong alliance with the intention of achieving the success they could not individually attain.
The banking sector in Nigeria is a long-term institution that emerged in 1883. After a few years, the Central Bank of Nigeria initiated a merger and acquisition system.
Due to the laws enacted by the Central Bank of Nigeria (CBN), many banks have been forced to merge with other banks, while others have been taken over by top-tier banks and, as in the most recent case, incorporated into the bank’s existing models was Access – Diamond Bank in April 1st, 2019.
Table Of Contents
- 1 List of Merged Banks in Nigeria (Full List)
- 2 STERLING BANK
- 3 FIRST BANK OF NIGERIA
- 4 ACCESS BANK PLC
- 5 FIRST CITY MONUMENT BANK (FCMB)
- 6 UNITED BANK FOR AFRICA (UBA)
- 7 POLARIS BANK
- 8 UNITY BANK PLC
- 9 UNION BANK NIGERIA PLC
- 10 FIDELITY BANK PLC
- 11 STANBIC IBTC BANK PLC
- 12 KEYSTONE BANK LIMITED
- 13 ECOBANK NIGERIA PLC
- 14 WEMA BANK
- 15 SPRING BANK PLC
List of Merged Banks in Nigeria (Full List)
This is a comprehensive list of merged banks in Nigeria.
Sterling Bank is a leading Nigerian Commercial bank with its headquarters located at Sterling Towers, 20, Marina, Lagos Island, Lagos State, Nigeria. Sterling Bank was formed as a result of the merger between Africa Bank Limited, NBM Bank, Indo Nigeria Bank, Trust Bank, and Nal Bank Plc. These banks came together in order to form a strong alliance. Sterling Bank was established in the year 1960. It has about 179 branches in Nigeria.
FIRST BANK OF NIGERIA
First Bank of Nigeria is one of the leading commercial banks in Nigeria. First Bank of Nigeria merged with International Bank, MBC International Bank, and FSB (Merchant Bank). Its head office is located at Samuel Asabia House, 35, Marina, Lagos Island, Lagos State, Nigeria. First Bank began operations in the year 1894. It has about 620 branches in Nigeria.
ACCESS BANK PLC
Access Bank Plc is a Nigerian commercial bank that is owned by Access Bank Group. Access Bank possessed ownership of Marina Bank, Intercontinental Bank and also merged with Diamond Bank in 2019 to become Access Bank. Before Access Bank acquired Diamond Bank, Diamond Bank had already merged with Lion Bank and Devcom Bank in 2005. Access Bank headquarters is located at Plot 999C, Danmole Street, off Idejo street, off Adeola Odeku Street, Victoria Island, Lagos State, Nigeria. Access Bank has about 600 branches in total.
FIRST CITY MONUMENT BANK (FCMB)
First City Monument Bank (FCMB) which is one of the commercial banks in Nigeria owned by FCMB Group formed a merger with Cooperative Development Bank, NAMBL, Finbank as well as First City Monument Bank itself. FCMB as it is popularly called has its head office located at Primose Towers, 17a, Tinubu Street, Lagos Island, Lagos State, Nigeria. FCMB was established in the year 1982. It has about 310 branches in Nigeria.
UNITED BANK FOR AFRICA (UBA)
United Bank for Africa (UBA) is one of the largest commercial banks in Nigeria owned by Tony Elumulu. Standard Trust Bank and Continental Bank of Nigeria formed a merger with the United Bank of Africa (UBA) in order to form a concrete alliance. Its head office is located at 57, Marina, Lagos Island, Lagos State, Nigeria. United Bank for Africa Plc (UBA) is a Pan-African financial service group that was established in the year 1949. It has about 428 branches in total.
Polaris Bank was formerly Skye Bank. This bank is one of the commercial banks in Nigeria. Skye bank had already merged with Prudent Bank Plc, Reliance Bank Limited, Equatorial Trust Bank (ETB) International Limited, and Bond Bank. Polaris Bank has its head office located at 3, Akin Adesola Street, Victoria Island, Lagos State, Nigeria. Polaris Bank has about 260 branches in Nigeria.
UNITY BANK PLC
Unity Bank Plc is a leading commercial bank in Nigeria that merged and formed a strong alliance with banks like Intercity Bank, New Africa Bank, First Interstate Bank Plc, Pacific Bank Limited, Societe Bancaire, Tropical Commercial Bank, Bank of the North, Centre Point Bank and NNB International. Unity Bank Plc head office is located at Plot 785, Herbert Macaulay way, Central Business District, Abuja, Federal Capital Territory. Unity Bank was established in the year 2006. It has about 242 branches in Nigeria.
UNION BANK NIGERIA PLC
Union Bank Nigeria Plc is a solid commercial bank in Nigeria. It merged with banks like Broad Bank of Nigeria, Union Merchant Bank, and Universal Trust Bank Nigeria Limited. Union Bank Nigeria Plc is owned by Union Global Partners Limited. Its Head Office is located at Stallion Plaza, 36, Marina, Lagos Island, Lagos State, Nigeria. Union Bank of Nigeria Plc began operations in Nigeria in the year 1917. It has about 320 branches in total.
FIDELITY BANK PLC
Fidelity Bank Plc is a leading commercial bank in Nigeria. This bank merged with FSB International, Fidelity Bank itself as well as Manny Bank. Fidelity Bank Nigeria has its head office located at 2, Kofo Abayomi Street, Victoria Island, Lagos State, Nigeria. Fidelity Bank began operations in the year 1988. It has about 210 branches in Nigeria.
STANBIC IBTC BANK PLC
Stanbic IBTC Bank Plc is one of the commercial banks in Nigeria. IBTC merged with Stanbic Bank to form Stanbic IBTC Bank Nigeria in 2007. Before IBTC Bank merged with Stanbic Bank, it had already merged with Regent Bank Plc, IBTC Holdings, and Chartered Bank Plc. Stanbic IBTC Bank Nigeria Limited has its head office located at IBTC Place, Walter Carrington Crescent, Victoria Island, Lagos State, Nigeria. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial service firm based in South Africa that was established in the year 1989.
KEYSTONE BANK LIMITED
Keystone Bank Limited is one of the commercial banks in Nigeria. It is also one of the merged banks In Nigeria. keystone Bank acquired the Assets and services of Bank PHB in the year 2011. Prior to this, Bank PHB was formed from the merger between Habib Nigeria Bank Limited and Platinum Bank Limited. Keystone Bank Limited’s head office is located at Keystone House, 1, Keystone Crescent, Victoria Island, Lagos State, Nigeria.
ECOBANK NIGERIA PLC
Ecobank Nigeria Plc is also one of the merged banks in Nigeria. It is one of the leading commercial banks in Nigeria. Ecobank Nigeria Plc was formed as a result of the merger between Oceanic Bank, International Bank Plc, and International Trust Bank. Its head office is located at 21, Ahmadu Bello Way, Victoria Island, Lagos State, Nigeria.
Wema Bank is one of the commercial banks in Nigeria. It formed a merger with National Bank to form a strong alliance. Wema Bank head office is located at Wema Towers, 54, Marina, Lagos Island, Lagos State, Nigeria.
SPRING BANK PLC
Spring Bank Plc was acquired by Bank PHB. Before the acquisition, Spring Bank formed an alliance and merged with Fountain Trust Bank Plc, ACB International Bank, Citizens International Bank Plc, Omega Bank Plc, Guardian Express Bank Plc, and Trans International Bank Plc.
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