Commercial Banks
By Mcneri |
| Posted in Nigerian Banks | 1810 Views
This is a ranking list of Nigerian Banks with international, national or regional authorization
1
Access Bank Plc
Access Bank plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator. Originally a corporate bank, they expanded into personal and business banking in 2012. Access Bank and Diamond Bank merged on April 1, 2019. In conclusion of its merger with Diamond Bank, Access Bank unveiled its new logo, signaling the commencement of a new enlarged banking entity. The bank employs more than 28,000 people in 2021. After the merger, with more than 42 million of customers, Access Bank plc became the largest bank in Africa by customer base, and the largest bank in Nigeria by asset.
2
Titan Trust bank
Titan Trust Bank Limited was established on the 12th of December, 2018 and obtained its National Banking license on the 26th of April 2019, to operate as a commercial bank with national authorization. Titan Trust Bank’s license is the first National Banking license that the Central Bank of Nigeria has granted in the last ten years. The Bank was formed to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporate institutions. Our team are best-in-class Bankers, supporting the execution of the Bank’s strategy while delivering on our service promise. Our branch network is structured to uniquely enhance quality service delivery with great customer experience.
3
Polaris Bank Limited
Polaris Bank is a large financial services provider in West Africa and Central Africa. With headquarters in Nigeria, the bank maintains subsidiaries in Sierra Leone, the Gambia, the Republic of Guinea, Liberia, Angola and Equatorial Guinea. As of September 2010, the bank's total assets were valued in excess of US$3.9 billion (NGN:611.5 billion), with shareholders' equity of approximately US$630 million (NGN:98.4 billion).The bank traces its origins back to 1989 when Prudent Bank Plc., was incorporated as a limited liability company. In 1990, the bank was issued a license as merchant bank. That same year, it re-branded as Prudent Merchant Bank Limited. In 2006, Prudent Merchant Bank Limited merged with four other banks to form Skye Bank Plc.: Bond Bank Limited EIB International Bank Plc. Reliance Bank Limited Co-operative Bank Plc. In January 2011, the bank introduced a Naira-denominated MasterCard debit card, called "MasterCard Verve", the first of its kind in Nigeria. The bank
4
Wema Bank
Wema Bank Plc, commonly known as Wema Bank, is a Nigerian commercial bank. It is licensed by the Central Bank of Nigeria; the regulator of the nation's banking sector. As of 2019, Wema bank operates the largest digital banking system in Nigeria, ALAT By Wema, which is fully in use in all of the nation's thirty seven states and territory. Wema Bank is one of the fastest growing commercial bank in Nigeria. The bank was established on May 2, 1945, as a private limited liability company (under the old name of Agbonmagbe Bank Limited). The bank was founded on May 2, 1945 as Agbonmagbe Bank by the Late Chief Mathew Adekoya Okupe. He set up the first branches of the bank which were in Ebute-metta, Sagamu, Abeokuta and Ijebu-Igbo. The bank remained his until it was taken over by Western Nigeria Marketing Board and later renamed Wema Bank Limited in 1969. Since then, Wema Bank has gone on to be Nigeria's longest surviving indigenous bank. It was granted a commercial banking license and comm
5
Fidelity Bank Nigeria
Fidelity Bank, also known as Fidelity Bank Plc., is a commercial bank in Nigeria. It is licensed as a commercial bank with international authorization, by the Central Bank of Nigeria (CBN), the central bank and national banking regulator. Fidelity Bank has grown from a marginal player in 1987, into a stable and respectable banking institution. Notably in 2005, Fidelity Bank acquired FSB International Bank Plc (“FSB”) and Manny Bank Plc (“Manny”) to create one of the top 10 Nigerian banks. In 2011, the Bank was ranked the 7th most capitalized bank in Nigeria, 25th most capitalized bank on the African continent.[citation needed] Also, following its renewed retail and digital banking drive, Fidelity Bank was ranked the 4th best bank in Nigeria in the retail market segment in the KPMG Banking Industry Customer Satisfaction Survey (BICSS) in 2017. As of December 2017, Fidelity Bank Plc. had total assets estimated at over US$4.2 billion (NGN:1.4 + trillion), and shareholders' equity i
6
Zenith Bank Plc
Zenith Bank Plc is a large financial service provider in Nigeria and Anglophone West Africa. It is licensed as a commercial bank by the Central Bank of Nigeria, the national banking regulator. As of 31 December 2019, it holds $16.1bn in total assets, with shareholders' equity of $854 million. The company is listed on the Nigeria Stock Exchange and the London Stock Exchange. Zenith Bank was established in May 1990 and commenced banking operations in July of the same year. At inception, it had a capital base of $4 million. It began operations during a period of government liberalization of the banking sector when the central bank granted up to twenty banking licenses a year to investors. The bank's first office was originally a residential house in Victoria Island that was modified into a banking hall. In its early years, the bank witnessed a period of rapid growth. In 1997, following a directive for banking institutions to shore up their capital base, Zenith increased its capitalizati
7
Standard Chartered Bank
Standard Chartered plc is a British multinational banking and financial services company headquartered in London, England. It operates a network of more than 1,200 branches and outlets (including subsidiaries, associates and joint ventures) across more than 70 countries and employs around 87,000 people. It is a universal bank with operations in consumer, corporate and institutional banking, and treasury services. Despite its UK base, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa and the Middle East. Standard Chartered has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It has secondary listings on the Hong Kong Stock Exchange, the National Stock Exchange of India, and OTC Markets Group Pink. Its largest shareholder is the Government of Singapore-owned Temasek Holdings. It is considered a systemically important bank by the Financial Stability Board. José Viñals is the Group Chairman of S
8
First Bank of Nigeria
First Bank of Nigeria Limited (FirstBank) is a Nigerian multinational bank and financial services company headquartered in Lagos Nigeria. It is the premier bank in West Africa with its impact woven into the fabric of society. First Bank of Nigeria Limited operates as a parent company in Nigeria, with the subsidiaries 'FBNBank' in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal; FBN Bank UK Limited in the United Kingdom with a branch in Paris; First Bank Representative Office in Beijing to capture trade-related business between geographies. FirstBank also operates First Pension Custodian Nigeria Limited, Nigeria’s foremost pension custodian. The teeming customers of the First Bank Group are serviced from a network of over 700 business locations across Africa. To promote financial inclusion and reach the unbanked, FirstBank has an extensive Agent Banking network, with over 53,000 locations across Nigeria. The Bank specializes in retail banking and has the lar
9
Heritage Bank Nigeria
Heritage Bank Plc. (HB PLC), often referred to as Heritage Bank or simply HB, is a financial services institution. It is one of the commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator. with a national operating license, that offers retail banking, corporate banking, online/internet banking, investment banking and asset management services; its head office is at 292B Ajose Adeogun Street, Victoria Island, Lagos, Lagos State, Nigeria. In 2012, the core investor, IEI Plc, through IEI Investments Limited, acquired the Societe Generale Bank of Nigeria (SGBN) license from the Central Bank of Nigeria (CBN). Having fulfilled all required criteria, the bank returned 100% of existing SGBN account holders’ money to their owners. Heritage Bank Plc is a large financial services provider in Nigeria. Currently licensed as a National Bank, it offers banking and financial services in the country, including the South, West, Southeast and the North. As of December
10
Unity Bank Plc
Unity Bank is a large financial services provider in Nigeria. Headquartered in Lagos, Nigeria's commercial capital. Unity Bank also maintains an operations base in Abuja, Nigeria's capital. As of December 2012, the bank's total assets were valued at about US$2.45 billion (NGN:396 billion), with shareholders' equity of approximately US$322 million (NGN:51.5 billion). Unity Bank plc, is the flagship institution of the Unity Bank Group. Other members of the financial services group include the following: Unity Capital & Trust Limited Caranda Management Services Limited Unity Registrars Limited Northlink Insurance Brokers Limited Newdevco Investments & Securities Limited UnityKapital Assurance plc Pelican Prints Limited Unity Bank BDC Hexali Properties Limited
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Stanbic IBTC Holdings
Stanbic IBTC Holdings, commonly referred to as Stanbic IBTC, is a financial service holding company in Nigeria with subsidiaries in Banking, Stock Brokerage, Investment Advisory, Asset Management, Investor Services, Pension Management, Trustees and life Insurance businesses. The company's corporate headquarters, I.B.T.C. Place is situated at Walter Carrington Crescent, Victoria Island, Lagos. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. Standard Bank is Africa's largest banking group ranked by assets and earnings operations in 20 African countries and 13 countries outside Africa. On 24 September 2007, IBTC Chartered Bank Plc merged with Stanbic Bank Nigeria Limited. Stanbic Africa Holdings Limited on behalf of Standard Bank tendered an offer for the acquisition of additional IBTC shares in order to attain majority shares in the merged business. This resulted in SAHL having a majority shareholding 50.75% up from 33.33%
12
Providus Bank Limited
ProvidusBank PLC (PB), is a Nigerian financial services provider, licensed as a commercial bank, by the Central Bank of Nigeria, the central bank and national banking regulator. The headquarters and main branch of this bank are located at 724 Adetokunbo Ademola Street, Victoria Island, Lagos, in the city of Lagos, the financial capital of Nigeria. As of November 2018, Providus Bank was registered as a regional commercial bank, serving clients in Lagos State and in the Nigerian Federal Capital Territory. The bank aims to serve large corporations, government agencies, institutions, small and medium sized enterprises and high net worth individuals. The bank was granted a regional banking license by the Central Bank of Nigeria in June 2016
13
Guaranty Trust Holding Company
Guaranty Trust Holding Company PLC also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC into a Holding Company. GTCO Plc's reorganisation means it will now offer more services beyond banking; with a payments business being top of mind for the group. Under its old structure, it could not have run non-lending businesses because a 2010 regulation by the Central Bank of Nigeria (CBN) mandated banks to stop operating their non-banking subsidiaries. They either had to divest from non-core lending service or restructure as a holdings company. Its new businesses include payments, pension management, asset management, and its existing banking business. GTCO's banking subsidiary in Nigeria, Guaranty Trust Bank Limited is Nigeria’s most
14
Union Bank Nigeria Plc
Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in Africa. As of Mar 31, 2018, the bank's asset base was estimated at NGN1, 381 billion (US$4.1billion). The shareholders' equity at that time was estimated at NGN286 billion (US$851 million). The bank's history can be traced to 1836 when London bankers and British merchants obtained a royal charter from William IV to conduct banking business in the Caribbean. These group of investors then formed Colonial Bank. Following an act of parliament empowering the bank to open more branches beyond the Caribbean, Colonial bank began operations in Nigeria in 1917. Operations started with banking centers in Lagos, Jos and Port-Harcourt. Further centers were opened in financially important areas, in 1918, the bank opened additional centers at Ebute-Metta, Onitsha, Iba
15
United Bank for Africa
United Bank for Africa Plc (UBA) is a Nigerian pan-African financial services group headquartered in Lagos. It has subsidiaries in 20 African countries and offices in London, Paris and New York. It is listed as commercial bank by the Central Bank of Nigeria.[4] The shares of stock of the group are listed on the Nigerian Stock Exchange, where they trade under the symbol: UBA.[The Group Chairman of the bank is Tony Elumelu and the GMD/CEO is Kennedy Uzoka. United Bank For Africa is a large financial services group in Nigeria and on the African continent. As of December 2020, the group's financial assets were valued at NGN:7.7 trillion (US$19.2 billion), with shareholders' equity of NGN:724.1 billion (US$1.8 billion). At that time the group employed 20,000+ people. The group maintains subsidiaries in Nigeria, Ghana, Benin, Ivory Coast, Burkina Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra-Leone, Mozambique, Senegal, DR Congo, Congo Brazzaville, Ma
16
Ecobank Nigeria
The bank began operations in 1989. It operates as a universal bank, providing wholesale, retail, corporate, investment and transaction banking services to its customers in the Nigerian market. The bank divides its operations into three major divisions: (a) Retail Banking (b) Wholesale Banking and (c) Treasury & Financial Institutions. The bank also offers capital markets and investment banking services. During the fourth quarter of 2011, Ecobank Nigeria through its parent company Ecobank Transnational Inc. (ETI) acquired 100% of the shareholding in Oceanic Bank, creating the expanded Ecobank Nigeria Limited.[4] As of December 2011, the expanded Ecobank Nigeria controlled total assets valued at approximately US$8.1 billion (NGN:1.32 trillion), making it one of the five largest banks in Nigeria at the time. At that time the bank had 610 free-standing branches, making it the second-largest bank in the country by branch network. Ecobank Nigeria is a member of Ecobank, the leading indep
17
Sun Trust Bank Nigeria Limited
SunTrust was incorporated and founded in 2009 by Chief Executive, Muhammad Jibrin Barde as a mortgage bank and later converted to and was granted a regional commercial banking license by the Central Bank of Nigeria in November 2015, being the first commercial bank to receive a banking license since 2001, bringing the total of licensed commercial banks in Nigeria, at that time, to twenty-three. The bank opened for business to the public on 15 August 2016. In April 2018, STBNL was awarded the ISO/IEC 20071:2013 Certification by the Professional Evaluation and Certification Board (PECB), a Canadian certification body. At the same time, it was awarded the Payment Card Industry Data Security Standard (PCIDSS), by Digital Jewels, an IT consulting firm, focusing on IT governance, risk & compliance in Information Security, Information Assurance and Project Management
18
First City Monument Bank
First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management. As of December 2020, the Group's total assets were valued at US $5 billion (NGN: $2 trillion). The entity from which the bank was founded, City Securities Limited (CSL), was established in 1977 by Oloye Subomi Balogun, the Otunba Tunwashe of Ijebu, a Yoruba traditional aristocrat. First City Merchant Bank was established in 1982 with seed capital from CSL. It was incorporated as a private limited liability company on 20 April 1982 and granted a banking license on 11 August 1983. It was the first bank to be established in Nigeria without government or foreign support. In 2001, the name of the bank was changed from First City Merchant Bank to First City Monument Bank Limited following the bank's transformati
19
Parallex Bank
Parallex Bank Limited was incorporated as a limited liability company on the 22nd day of May 2020, having successfully converted from Parallex Microfinance Bank (a National Microfinance Bank incorporated in 2008 as a Unit MFB) to a commercial bank duly licensed by the Central Bank of Nigeria to carry out commercial banking services. This is a first-of-its-kind achievement in the Nigerian banking space. At Parallex Bank, we are poised to be the preferred financial solutions provider redefining customer experience through digital innovations. This we will achieve by leveraging the best talents and technology to deliver unparalleled value to our stakeholders. With a strong ecosystem anchored around the customer, we offer a superior product portfolio that is customer-focused and innovative, yet simple.
20
Keystone Bank Limited
Keystone Bank Limited, commonly referred to as Osy's Bank, is a commercial bank in Nigeria. The bank is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator. Keystone Bank offers banking services to large corporations, public institutions, small to medium enterprises (SMEs) and individuals. The bank is a large financial services provider in Nigeria. As of December 2012, the bank's total assets were valued at US$1.916 billion (NGN:307.5 billion), with shareholders' equity valued at about US$213.3 million (NGN:34.23 billion). https://en.wikipedia.org/wiki/Keystone_Bank_Limited
21
Citibank
Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex.[citation needed] The U.S. branches are concentrated in six metropolitan areas: New York, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. https://en.wikipedia.org/wiki/Citibank
22
Sterling Bank (Nigeria)
Sterling Bank Plc, which is a full service national commercial bank is licensed by the Central Bank of Nigeria. Its shares trade under the Banking sector of the Nigerian Stock Exchange with the symbol STERLNBANK. On Reuters and Bloomberg terminals, it is identified as STERLNB.LG and STERLNBA:NL respectively. The bank provides services to individuals, small businesses (SMEs) and large corporations. As of December 2019, the bank's branch network numbered 161. distributed throughout Nigeria with total assets valued in excess of NGN 1 trillion and shareholders' equity estimated at about NGN 119.8 billion).Sterling Bank Plc originally incorporated in 1960 as Nigeria Acceptances Limited (NAL). The bank was licensed as Nigeria's first merchant bank in 1969. Consequent to the indigenization decree of 1972, the Bank became fully government owned and was managed in partnership with Grindlays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited b
23
Globus Bank
Globus Bank is a commercial bank with National Authorization. Registered as a limited liability company on March 6, 2019, licensed by the Central Bank of Nigeria on July 10, 2019 and commenced operations on November 6, 2019, the Bank aims to be Nigeria's foremost digital Bank, providing best-in-class solutions that are specifically tailored towards meeting customer needs in a timely and efficient manner. At Globus Bank, we are focused on revolutionizing the Financial Services Industry by leveraging Technology and People to deliver exceptional customer experience. We have a workforce of seasoned professionals, as well as visionary leadership and expertise needed to positively alter the industry service equilibrium. Our corporate Head office is located at 6, Adeyemo Alakija Street, Victoria Island, Lagos. The Bank currently operates out of 16 physical and strategic locations in Nigeria and aims to cover every major city in the country within the shortest time possible.
