Sponsored Links
Home Banking List Of Banks That Merged In Nigeria

List Of Banks That Merged In Nigeria

Sponsored Links

Are you looking for the updated list of banks that merged in Nigeria then you are on the right web page as we will give you all information.

The business of Nigeria is difficult not just for small businesses and startups in the tech sector, but it’s equally difficult for financial institutions. The Institution Company and business run when there is a problems with finances.

However, since their demise could cause havoc to the country’s economy, they do not go under like other businesses, instead , they merge with another banks or were taken over.

The goal for this post is to give that you the complete list of banks that merged in Nigeria as well as the reason they merged and the havoc that their merger causes.

Sometimes, banks also merge because of reforms like CBN reform in 2004 that placed many banks into a merger lane. The banking industry is highly controlled one, which is the reason it’s hard to get an approval

Before we get started, I’d want you to know the meaning of merger and acquisition.

What is Merger and Acquisition

Merger is the agreement between two or more companies to merge into one large company. Typically, they do this to combat the issue of competition.

Acquisitions occur when a giant companies buy another which is in the process of bankruptcy, struggling or wants to take cash out.

list of banks that merged in Nigeria
list of banks that merged in Nigeria

list of banks that merged in Nigeria

Access banking plc is the reigning king in mergers

Access Bank is among the banks in Nigeria that have gone through many mergers and reorganization. If you look at the bank, it is composed of the expertise and talent from reputable banks. It is no wonder that they continue to be flourishing, and even go further than Kenya to be present.

Access bank merging history

It merged with Marina Bank in 2005.

It merged with Intercontinental bank in 2013

It was merged with Diamond Bank in the year 2019.


Diamond bank also has three different banks prior to their association to Access Bank they have merged with two banks, Devcom bank as well as Lion bank.

READ ALSO:   GTBank Loan For Non Salary Earners

Stanbic IBTC Bank

Stanbic as well as IBTC bank were separate banks prior to their merger, however unlike the other mergers, this one is based on the coupling the strength of two giants to make it easier for them to complete the merger.

They all have strengths prior to the merging IBTC is an trust and investment bank while Stanbic is a regular bank.

At the time of their merger , they each own 2 trillion naira in addition to 500 billion Nigerian naira assets which indicates that they were in the right place prior to merging.

The union of two banks pays off, as they’re still around today as many banks continue to be dissolved in the an economic downturn and in downtown.

United bank of Africa (UBA)

United bank of Africa is among the list of banks that merged in Nigeria and by far the most well-known bank in Nigeria particularly among young people and this is due to the popularity of one of its founders, in the name and the name of Tony Elumelu. It’s not often that you talk about the entrepreneur without mentioning his bank.

UBA has its fair share of mergers in the past. Prior to when they stabilized, they joined with Continental Bank and Nigerian Standard Trust Bank.

Sterling bank

Sterling is a reputable bank in Nigeria It is continuing to grow stronger. They recently launched their own online bank in response to the online banking competition. They aren’t looking to lose out.

Startling Bank merged together with NBM bank Indo Nigeria bank, NAL bank plc, Trust bank and Magnum trust bank

Unity Bank

Another bank that has been merged that is located in Nigeria one of the Nigerian banks that has merged is Unity bank. When you hear the word unity, what is it about? It’s just a name, not, it was created by the merger of 9 banks just after the CBN reform in 2004.

As you can see, the reforms are paying off because they’re currently among the most reputable banks in Nigeria.

The list of banks that have merged are Unity Capital and Trust Bank Hexali properties Lmt, Unity kapital Assurance, Northlink Insurance Brokers limited, Canada Management Services limited and Unity Bank plc, Unity Registrars limited, Newdevco Investment and Security limited, Pelcan prints limited.

First bank plc

First bank , as their name suggests are the first bank in Nigeria Their service is excellent and their customer service is outstanding. All this may comes from experience as they’ve been in operation for quite a while and are still in operation.

They also took the path of merging, with a bank. The banks they join with is

  • Intl Bank
  • Mbc bank
  • Fsd bank
READ ALSO:   Migo Customer Care Number Near Ikeja, Lagos

Skye bank plc

There was a mixed feeling in the year 2018 when Skye bank joined forces into Polaris (it can be described as an absolute acquisition) What could go wrong ? We all want to know.

The sky bank at the time was one of the most reputable banks in Nigeria possibly due to the economic condition of Nigeria.

Prior to joining into Polaris in 2018, they joined into the banks below.

  • Cooperative Bank Limited
  • Pridetin Bank plc
  • Bank Limited
  • Reliance Bank Limited

First City Monument Bank (FCMB)

FCMB is another reputable bank that is undergoing mergers in Nigeria. It was formed through an amalgamation of three well-known banks that include NAMBL, First City Bank, Cooperative Development bank and Findback Bank in 2009.

Union bank plc

Union bank is also in the same route as FCMB, Union bank is composed of three banks that are

  • Universal Trust bank
  • Broad Bank of Nigeria
  • Union Merchant bank

Spring bank

In 2004, following the reforms implemented through CBN spring bank, CBN spring bank, which was created through the merger of six Nigeria banks. The merger proved to be successful just a few days after the merger Union bank was revealed to be carrying greater than 150 billion Nigerians in assets and more than 34 billion naira of capital base.

Below are the banks which join to form a union bank.

  • ACB International bank plc
  • Citizen international bank
  • “Fountain trust” Bank plc
  • Omega bank plc
  • Trans International Bank plc.
  • Guardian Express Bank plc

Wema Bank

Wema bank is one of the pioneering digital banks in Nigeria similar to starling bank , they are quick to adapt to the new reality and launch their own digital bank , Alat It is operational in every states of Nigeria.

For Wema it wasn’t always easy, but they also have merged with a bank dubbed National bank. Other than this bank, there isn’t any public notice about any merger with the two.

Oceanic Bank

Oceanic bank was also birthed through the union of two powerful banks, which include International Trust bank and Ocean bank just after the reforms in 2005 by CBN.

First Inlands Bank plc

The reform of 2005 was the basis for the creation in the form of First Inland bank plc. It was created from the merger of four banks, which are

  • Inland Bank
  • First Atlantic Bank Plc
  • NUB International Bank Ltd
  • IMB International Bank Plc

Keystone bank

Keystone is a brand new bank it was founded in 2011, and shortly after, it purchased PHB bank. Prior to that, PHB bank was created through the merger between Habib Nigeria bank and Platinum bank limited.

READ ALSO:   How to be eligible for First Bank loan

Eco Bank

Eco Bank was created from the union of three banks, which are

  • Oceanic Bank
  • International Bank Plc
  • International Trust Bank

Why banks merge in Nigeria

There are many reasons why bank mergers occur in Nigeria and across the world. The most common reasons are

Economic conditions

We’ve all heard about what happens to businesses when the economy is poor, especially during recessions. There are no customers to come back and patronize them since the money they do have can be used to purchase food, or anything else that helps them last.

No one will remember to purchase a bags or shoes The same applies to banks. Nobody is likely to remember saving, and the loan they provide will not yield a returns (since there are a lot of people who default).

Expansion and buy out

Most mergers are not due to economic downturns, but it could be due to expansion. Some banks will seek to expand by acquiring of a bank that is a failing , believing it’s more economical because it will not require funds for campaigns that can be used to acquire a particular segment of customers in a particular location.


Banks can also merge due to competition. Whenever there is a fierce competition in a place such as Nigeria two or more banks are able to join forces to protect an interest common to all.


You can observe that the majority of the mergers that occur in Nigeria is due to CBN policy. CBN is the body that regulates financial institutions and when it is a result of bad policy, banks have to take action to change it by merging.

The problems caused by bank mergers in Nigeria

The issue with bank mergers creating the problem in Nigeria is that we have now banks that are massive like First bank and Access bank outsmarting the competition. Do the math? it will be difficult to find a business owner with greater vision to get into the banking in Nigeria.

To prove my point, Do you know why CBN hasn’t given MTN and other networks the permission to enter the Fintech sector, as they would beat out the competition and eventually become monopolies.

Monopolistic practices are bad for consumers and you’ll have no choices other than choosing what’s you can get even if the product isn’t great.


Above are the list of banks that merged in Nigeria. As you can see, the reason why they have merged is mostly because of CBN reforms.

As an entrepreneur, I’ll suggest you to think prior to jumping, and know the industry you are in to avoid situations in which you decide to sell your business without ripe.

Sponsored Links

Leave a Reply