Nigerian lenders, Access Bank and Union Bank dismiss social media report over acquisition talks

Nigerian lenders Access Bank Plc and Union Bank Plc have dismissed reports over acquisition talks.

Picture showing Marina CMS where most banks are headquartered

Sunday Ekwochi, Access Bank Plc's secretary, in a statement issued over the weekend, denied the report circulating on social media on over possible acquisition of Union Bank Plc from its major shareholder, Atlas Mara Limited.

Our attention has been drawn to a recent social media report of Access Bank Plc is engaged in talks to acquire Union Bank of Nigeria Plc. 

“The Nigerian Stock Exchange and the general public are hereby advised to discountenance such rumour as same is devoid of truth. The Bank is not engaged in any discussion with Union Bank of Nigeria Plc or any of its shareholders regarding any such transaction,” Access Bank said. 

On Monday, Union Bank of Nigeria Plc also denied talks with Access Bank Plc over possible acquisition as stated in the social media report.

“... as the post itself states, the unfounded report is based on 'mere rumours and speculation,” urging the public to disregard it. 

Atlas Mara group holds a direct and indirect share in UBN with voting right of about 49% as of December 31, 2018, according to the company's financial records seen by Business Insider SSA. 

Business Insider SSA recalls that the group completed the acquisition of the shares between 2014 and 2015. 

Atlas Mara's investment in Union Bank of Nigeria Plc worth $159 million as at December 2018.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

4 side effects of being a virgin for too long, according to research

4 side effects of being a virgin for too long, according to research

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

Willy Paul apologizes to Kenyans on Behalf of Diana B

Willy Paul apologizes to Kenyans on Behalf of Diana B

Zari Hassan lectures Tanzanians over her viral black innerwear video

Zari Hassan lectures Tanzanians over her viral black innerwear video

DP Ruto's firm wins Sh190M Nairobi county gov't tender

DP Ruto's firm wins Sh190M Nairobi county gov't tender

Diana Marua hospitalized, Bahati gives update [Photos]

Diana Marua hospitalized, Bahati gives update [Photos]

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

North Korean man who smuggled 'Squid Game' into the country to be sentenced to death

North Korean man who smuggled 'Squid Game' into the country to be sentenced to death