Top 7 Bank Mergers in Nigeria

Nigerian Banks often merge to become stronger and more effective. These mergers are usually encouraged by the Central Bank of Nigeria (CBN) to make sure the banking sector is stable and can support the country’s growing economy.

 By joining forces, banks can share resources, reduce costs, and offer better services, making them more competitive both in Nigeria and globally.

Mergers also help banks handle larger amounts of money safely, spread their risks, and meet the financial rules set by the CBN, which are important for preventing bank failures and protecting people’s money. 

Here are the top list bank merger:

Access Bank and Diamond Bank 

 In 2019, Access Bank completed its merger with Diamond Bank. This merger helped Access Bank expand its operations, particularly in the retail banking sector, making it one of the largest banks in Nigeria.

Guaranty Trust Bank (GTBank) and Intercontinental Bank 

 In 2011, GTBank acquired Intercontinental Bank. This merger was part of the Central Bank of Nigeria’s (CBN) efforts to stabilize the banking sector by facilitating the consolidation of financially unstable banks with stronger entities.

Zenith Bank and EIB International Bank PLC 

 In 2005, Zenith Bank absorbed EIB International Bank PLC. This merger was part of Zenith’s strategic efforts to enhance its market reach and service offerings.

United Bank for Africa (UBA) and Standard Trust Bank 

 In 2005, UBA merged with Standard Trust Bank, increasing its network and market share within Nigeria and further establishing its presence in West Africa.

First City Monument Bank (FCMB) and FinBank 

 In 2012, FCMB completed the acquisition of FinBank, a move aimed at increasing FCMB’s market share and expanding its branch network across Nigeria.

Stanbic IBTC and IBTC Chartered Bank PLC –

In 2007, Stanbic IBTC Bank resulted from the merger between Stanbic Bank Nigeria Limited and IBTC Chartered Bank PLC, enhancing its financial services in the Nigerian market.

Skye Bank and Mainstreet Bank 

 In 2014, Skye Bank acquired Mainstreet Bank from the Asset Management Corporation of Nigeria (AMCON). This acquisition was part of the CBN’s strategy to ensure the stability of the banking sector.