CBN Approve Change of Name for Nigerian Banks – See Full List of Approved Banks below.
Nigerian Banks Undergo Massive Restructuring: Changes in Name, Organizational Structure, and More
Nigerian banks are undergoing significant changes in name, organizational structure, and other operational areas to better position themselves for higher returns on investment, better product offerings, and increased competition. In recent times, First Bank, Sterling Bank, and Zenith Bank have all announced changes in their name and operations.
Zenith Bank Restructures to Operate as a Financial Holding Company
Zenith Bank recently received approval in principle from the Central Bank of Nigeria to restructure and operate as a financial holding company. The bank plans to change its organizational structure to have a banking subsidiary and other subsidiaries in the financial services sector.
Sterling Bank Transitions from a Financial Institution to a Holding Company
Sterling Bank has completed an essential step in its ongoing efforts to shift from a financial institution to a holding company. The bank plans to delist, transfer and relist all shares to the Sterling Financial Holding Company on the floor of the Nigerian Exchange. Upon completion of the transition, Sterling Holdings Company will begin operations with two banking subsidiaries, one operating as a conventional commercial bank and the other as the Alternative Bank Limited, which will operate as a non-interest bank.
First Bank Changes Name of its African Subsidiaries
First Bank, Nigeria’s oldest bank, recently announced a corporate name change for its African subsidiaries. The name change aligns with the subsidiaries of the parent brand and enjoys the strong heritage and brand equity built by FirstBank Nigeria in its 129 years of existence and industry leadership. The name change affects its operations in several African countries where it has a presence.
Impact on the Banks’ Operations and Customers’ Perceptions
While the banks’ change of names does not affect their core operations and responsibilities, it will impact public perceptions and customers’ acceptance. The banks’ decision to rebrand and reposition is in line with the ongoing trend in the Nigerian banking industry. Other banks have significantly rebranded and repositioned to strengthen their leadership positions in the industry.
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