Equitorial Trust Bank (ETB) – one of the
nine lenders bailed out by the Central Bank of Nigeria (CBN) in
2009 – has been acquired by Sterling Bank.

ETB was one of four Nigerian lenders – the
others being Afribank, Spring Bank and Bank PHB – ordered by the
CBN to find a merging partners, having failed to attract sufficient
capital to remain independent.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

At the start of August, Afribank, Spring
Bank and Bank PHB ran out of time; the lenders were liquidated and
have since been rebranded as Mainstreet Bank, Enterprise Bank and
Keystone Bank, respectively.

The newly merged Sterling/ETB will result
in a lender with deposits of over NGN360bn ($2.3bn), assets of
NGN550bn and a branch network of around 185 outlets.

The Sterling/ETB merger is the fifth such
deal in Nigeria in the past month.

Other deals include:

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
  • First City Monument Bank (FCMB) has
    agreed a deal with the CBN to acquire Finbank. The newly enlarged
    FCMB will have a branch network of around 300 outlets once it
    acquires Finbank’s 168 branch network;
  • The late July deal for the 300-branch
    bailed-out Intercontinental Bank to merge with the
    110-branch-strong Access Bank;
  • Ecobank ‘s deal to acquire the failed
    Oceanic Bank; the latter has a branch network of 376 outlets. A
    combination of Ecobank Nigeria and Oceanic Bank will form a top 5
    Nigerian lender, and
  • Union Bank of Nigeria successfully raised
    fresh capital, around $750m, from private equity firm African
    Capital Alliance.