The banking sector is ever dynamic. Most of them don’t put all their egg in a basket. In recent years, they have had to change due to expansion, merger, growth or creation of non-banking services.
Here are five Nigeria banks that have had causes to change their names:
On February 11, 1991, the Bank commenced operations as a multinational financial institution that offers retail and investment banking, pension management, asset management and payments services. But now, GTCO is the parent company of GTB and will offer more services beyond banking.
● Skye Bank Plc: Skye bank was bankrupt and sold due to the inability of shareholders to adequately recapitalise the bank even after intervention. In September 2018. Its name was changed to Polaris Bank Limited.
Polaris Bank was established by the Central Bank of Nigeria (CBN) on September 21, 2018 to offer commercial banking services to the general public.
● Diamond Bank Plc: On 20 December 1990, Diamond bank was established to be a multinational financial service provider. It was later acquired by Access Bank Plc in December 2018.
In early 2019, Diamond Bank was fully merged with Access Bank to build a new entity, which led to their change of name ‘Access Bank (Diamond)’. Most of their customers call them AccessDiamond Bank.
● First Bank of Nigeria Limited (FBN): In 2010, banks were required by the Central Bank of Nigeria (CBN) to divest from non-core banking businesses or adopt a holding company structure. First Bank agreed to form a holding company and changed its name to First Bank Nigeria Holding Company (FBN Holdings Plc).
So as to capture synergies across its banking and non-banking businesses which are FBN (Commercial banking), FBN Quest and FBNInsurance, the new structure resulted in a stronger platform and also helps in growth domestically and internationally.
● Nigeria International Bank; Nigeria International Bank known as Citibank Nigeria Limited in 2008 is a financial institution and a subsidiary of Citi Group Nigeria Limited.
The change of name, according to its Managing Director, Emeka Emuwa is due to the fact that ‘the market and industry have always referred to us as Citi, so it makes sense, not only to align with what the marketplace calls us but to also link ourselves more directly with our global brand’.
The company started its operations in Nigeria in 1984 and it is the oldest international bank in Nigeria.
