CBN Approves Major Rebrand as First Bank Parent Sells Bank, Adopts New Identity

The Central Bank of Nigeria (CBN) has approved a significant rebranding move as the parent company of First Bank of Nigeria sells the bank and adopts a new identity, now known as FBNQuest Merchant Bank Limited. The rebranding follows the complete sale of the bank by its former parent company, marking the end of its association with the First Bank brand.

Afolabi Olorode, the Acting Managing Director and Chief Executive Officer, described the rebranding as a strategic milestone rather than a disruption to the bank's core operations. The new name reflects a deliberate repositioning to strengthen the bank's identity and ensure resilience for long-term growth in Nigeria's competitive financial services market.

Despite the name and corporate identity changes, the institution remains committed to its clients, stakeholders, and regulatory obligations, with its legal standing and management structure unaffected. The transition process includes updating brand communications and digital platforms to reflect the new identity, ensuring minimal disruption to operations for clients and partners.

This rebranding effort aligns with the broader restructuring trend in Nigeria's banking sector, with banks focusing on streamlining operations, divesting non-core units, and enhancing strategic priorities.