List Of Merged Banks In Nigeria

Mitrobe Network

The banking sector in Nigeria started with a lot of banks in operation. But due to some laws specified by the central bank of Nigeria, some banks were forced to merge with other Banks in order to continue operation, while others were acquired by tier-1 Banks in Nigeria and Incorporated into the bank’s existing models. In this post, I will be sharing a comprehensive list of merged Banks in Nigeria over the last 15 years.

Before proceeding with the list, let’s first understand what the term Merger means and the possible reasons why some Banks merge just for knowledge sakes.
A merger simply means the coming together between two or more organizations in a particular industry (eg banking industry) to form an alliance and a new organization emerges from the joined forces. The aim, in the long run, is to become a better and bigger brand.

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Reasons for Mergers between Banks

  1. Improvement in Information and Communication Technology (ICT)
  2. Shareholders Pressure
  3. Cost savings
  4. Revenue enhancement
  5. Reducing the probability of failure

In order to strengthen the competitive and operational capabilities of banks in Nigeria with a view towards returning global and public confidence to the Nigerian banking sector and the economy in general, the Central Bank of Nigeria instituted a banking reform in 2004, which saw most of the then existing 89 banks merging with each other.

List Of Merged Banks In Nigeria

1.Access bank after acquiring Intercontinental Bank, Marina Bank around 2005 merged with Diamond Bank in 2019 to become Access Bank. They rebranded their logo to fit in with both Banks.

2.Diamond Bank Plc prior to it’s a merger with Access back, has in the past merged with some Banks as well. The likes of Lion Bank and Devcom Bank back in 2005.

3.Stanbic Bank and IBTC Bank merged together to form Stanbic IBTC Bank Nigeria.List Of Merged Banks In Nigeria

IBTC Bank prior to its merger with Stanbic Bank joined forces with some Banks in the past as well. Banks in the merger include Chartered Bank Plc, Regent Bank Plc, and IBTC Holdings.

3.Sterling Bank was coined from the merger between five Banks, the bank’s include, Trust Bank, Afica Ltd. NBM Bank, Magnum Trust Bank, Nal Bank PLC, and Indo Nigeria Bank.

4.The popular United Bank for Africa (UBA) owned by Entrepreneur Tony Elumelu I’m the past joined forces with two other Banks to form a strong alliance. The banks the merger are; Standard trust Bank and Continental Bank of Nigeria.

5.Polaris Bank, formerly Skye Bank, merged with some notable Banks in Nigeria with hopes of forming a great alliance. The Banks in the merger include Prudent Bank Plc, Bond Bank Ltd, Reliance Bank Ltd, Cooperative Bank Ltd, and ETB Intl. Bank Ltd.

6. First Bank of Nigeria, one of the leading organizations in the banking sector in Nigeria, also merged forces with some Banks back in 2005 due to the law passed by the central bank of Nigeria. The Banks in the alliance include; MBC, Intl Bank, and FSB (merchant Bank). There are talks that FBN is in the move to merge with Fidelity and Heritage Bank of Nigeria.

7.Union Bank Nigeria Plc, one of the best Banks in Nigeria as well merged with some Banks to form a stronger alliance. The banks that came together include Union merchant bank, Broad Bank of Nigeria, and Universal Trust bank Nigeria Ltd including the Union Bank Nigeria.

8.First City Monument Bank, FCMB group is made up of First City Monument Bank, Co-operative Development Bank, and NAMBL while Fidelity Bank is made up of Fidelity Bank, FSB International, and Manny Bank.
Unity Bank, (Intercity Bank, First Interstate Bank Plc, Tropical Commercial Bank, Pacific Bank Limited, Centre Point Bank, Societe Bancaire, NNB International, Bank of the North, and New Africa Bank.

Findings revealed that mergers and acquisitions, in general, have a positive impact on the profitability of banks in Nigeria. This is the direct impact of the government-induced bank consolidation that took place in 2005, following the recapitalization policy to raise their capital base to N25 billion.

Recommendations indicate that mergers and acquisitions brought about profitability in the bank’s performance as depicted by the performance indices; therefore Mergers and Acquisition should not be seen as an end in itself, rather it is a means to an end. So, the process should continually evolve with a review and amendment of the existing process.


You will agree with me that to effectively run a bank is not as easy as it appears. It comes with a lot of challenges and risks. However, the financial sector is one of the leading sectors in terms of increasing the nation’s GDP. Some Banks due to financial crises are forced to merge while others merge to join forces and become a bigger and better brand. Regardless it does have its perks and cons as well.

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