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5 Nigerian banks that have changed their names

Do you know that some popular banks you know have long changed their names?

The evolution of modern banking in Nigeria has resulted to serious competition in the industry. As a dynamic sector, some banks in Nigeria have over the years been seen to change their names due to merger, expansion, growth or creation of non-banking services.

Here are five Nigeria banks that have change their names:

1. Guaranty Trust Bank Plc ( GTB)

First on the list is Guaranty Trust Bank Plc! Yes the popular GTB you know have changed their name. GTB is the most recent Nigerian bank that changed its name. Following its corporate reorganisation in July 2021, one which made it became a Holding Company, the bank changed its name to Guaranty Trust Holdings Company ( GTCO ).

GTCO is the parent company of GTB and will offer more services beyond banking.

Guaranty Trust Bank Pls started banking operations in Nigeria on February 11, 1991, as a multinational financial institution that offers retail and investment banking, pension management, asset management and payments services.

Recommended Read: Full list of Guaranty Trust Bank Sort codes and Branch names in Nigeria

2. Skye Bank Plc

Following the inability of its shareholders to adequately recapitalise Skye bank even after intervention, the bank became bankrupted and as a result was sold and its name changed to Polaris Bank Limited in September 2018.

Polaris Bank was established by the Central Bank of Nigeria (CBN) on September 21, 2018 to offer commercial banking services to the general public.

3. Diamond Bank Plc

The acquisition of the popular Diamond bank which came into existence on 20 December 1990, as a multinational financial service provider, left so many Nigerians in shock as the bank was perceived as one of the strongest banks in Nigeria.

Diamond bank was acquired by Access Bank Plc in December 2018 and 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)’.

Some customers who fell in love with Diamond bank call the bank “AccessDiamond Bank” till date.

4. First Bank of Nigeria Limited (FBN)

Surprised to see the elephant bank in the list? Well, no bank acquired First bank rather a Central Bank of Nigeria policy resulted in the change of its name.

The CBN in 2010, mandated all Nigerian banks to divest from non-core banking businesses or adopt a holding company structure. First Bank, in compliance with this policy agreed to form a holding company and changed its name to First Bank Nigeria Holding Company (FBN Holdings Plc).

This change of name gave the First bank the opportunity to capture its banking and non-banking businesses which are FBN (Commercial banking), FBN Quest and FBNInsurance under one structure which resulted in a stronger platform and also helps in growth domestically and internationally.

Recommended Read: Full list of First Bank of Nigeria Sort codes and Branch names

5. Nigeria International Bank

Nigeria International Bank is a name not too known by many young Nigerians even though the bank started its operations in Nigeria in 1984 and also the oldest international bank in Nigeria.

The bank was renamed as Citibank Nigeria Limited in 2008 as financial institution and a subsidiary of Citi Group Nigeria Limited.

According to its Managing Director, Emeka Emuwa, the change of name was 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’.

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