The study aims at assessing merger and acquisition as a tool for corporate restructuring. The objectives of the study are: to find out if the volume of assets of banks improved after survival strategies of restructuring were employed: to find out how restructuring adopted by the banks have affected deposit mobilizations; to find out if the volume of loans and advances improved after adopting the restructuring strategies through sanitizing and restructuring; to know whether profitability of banks improved as a result of mergers and acquisition strategies adopted by banks after sanitization and restructuring. Primary sources of data collection where questionnaire was distributed to respondent which was used to test the hypothesis of the study using chi-square. The study revealed that Merger and Acquisition is a vital tool for corporate restructuring in the banking organisations and Merger and Acquisition is effective in achieving corporate restructuring in the banking industry. It is recommended that,: businesses in Nigeria should continue to employ the mergers and acquisition strategy as a tool for restructuring and reorganizing to foster growth in business in particular, the financial sub-sector of the economy should use the strategy to remain in business; to popularize merger and acquisition as a strategic option in our economy, the government should enact a, regulatory framework for merger and acquisition to meet changing needs and international standard.