CBN Complete List Of Nigerian Banks with New Names and CBN Approval

  • Most Nigerian banks have embarked on massive restructuring, which will affect their daily operations.
  • Specifically, these banks adopted subtle name changes to reflect their new directions beyond 2023.
  • First Bank, Sterling Bank, and Zenith Bank have all announced change of names recently in the banking sector 

CBN Complete List Of Nigerian Banks with New Names and CBN Approval



The Nigerian banks are repositioning for more significant impacts, better product offerings, and higher returns on investment. Apart from announcing several changes, the banks moved to solidify their leadership positions by changing names, branding, and operational structures.

Nigerian banks seek new frontiers and new profits

Earlier in March, one of Nigeria’s leading banks, Zenith Bank, announced that it was rebranding into a Holding Company known as Zenith Holding Co.

The bank said the move is to reposition it to compete favorably in the industry and serve its customers better.

Zenith Bank said it had received approval in principle from the Central Bank of Nigeria to restructure and operate as a financial holding company.

The company revealed plans to change its organizational structure in a statement signed by the Company Secretary, Michael Otu, on Friday, March 3, 2023, and submitted to the Nigerian Exchange.

With this change, the organization will have a banking subsidiary and other subsidiaries in the financial services sector.

Sterling Bank joins the fray, splits into two

In April, Sterling Bank Plc announced that it had completed an essential step in its ongoing efforts to shift from a financial institution to a holding company.

The bank said the move is in line with the delisting, transfer, and relisting of all shares to the Sterling Financial Holding Company on the floor of the Nigerian Exchange.

The bank said the move is in line with the delisting, transfer, and relisting of all shares to the Sterling Financial Holding Company on the floor of the Nigerian Exchange.

The relisting is a significant development in the bank’s ongoing transition, which was unanimously approved by its shareholders. The move follows the Central Bank of Nigeria’s approval in principle for Sterling Bank to operate as a holding company.

The bank will become a non-operating financial holding firm, allowing it to diversify its investment portfolio and expand its presence in the financial markets. Upon completion of the transition, Sterling Holdings Company will begin operations with two banking subsidiaries: one conventional commercial bank and the other, Alternative Bank Limited, as a non-interest bank.

 

First Bank Changes Name

And most recently, Nigeria’s oldest bank, First Bank, announced a corporate name change for its African subsidiaries. According to a statement by the bank, the name change aligns with the parent brand’s subsidiaries and leverages the strong heritage and brand equity built by FirstBank Nigeria in its 129 years of existence and industry leadership.

Punch reports that the name change affects its operations in several African countries where it has its presence.

The bank named the first set of subsidiaries affecting the name alignment as FBNBank UK, FBNBank Sierra Leone, FBNBank Gambia, and FBNBank DRC. Per the statement, the subsidiaries would be addressed as FirstBank UK, FirstBank Sierra Leon, FirstBank Gambia, and FirstBank DRC. While the banks’ change of names does not affect their core operations and responsibilities, it will affect public perceptions and customers’ acceptance.

The banks joined other banks that have significantly rebranded and repositioned in Nigeria.

Earlier, crossriverhub.ng reported that, according to a recent report, Nigerian banks recorded huge losses on their investments in Ghanaian bonds, which caused delays in releasing their financial statements and audited accounts.

Nairametrics reports that Access Bank, FBN Holdings, and Fidelity Bank have yet to release their financials.