By Alex Onovo
Nigerian banks, including First Bank, Sterling Bank, and Zenith Bank, are undergoing significant name and operational changes to enhance returns, product offerings, and compete in the market.
The Central Bank of Nigeria (CBN) already approved Zenith Bank’s restructuring as a financial holding company, with plans to establish a banking subsidiary and other financial services sector subsidiaries.
Sterling Bank on the other hand, plans to delist, transfer, and relist all shares to Sterling Financial Holding Company on the Nigerian Exchange, marking a significant step towards its transition from a financial institution.
When transition is duly completed, ”Sterling Holdings Company” will launch two banking subsidiaries, one as a conventional commercial bank and the other as the Alternative Bank Limited, a non-interest bank.
First Bank Nigeria being the oldest bank, has also announced a corporate name change for its African subsidiaries, preserving its strong heritage and brand equity spanning over 129 years in existence, with continued lead in the nations banking and financial sector; impacting operations in several African countries.
Banks in Nigeria rebranding and repositioning to strengthen their leadership positions in the Industry should understand they might just be slightly affecting their overall public perceptions and customer acceptance, while claiming to maintain core operations.
Amidst all the changes; most of the banks might fully unleash their new brandings in between the ending months of 2023 and the first few months of 2024.