Two Nigerian lenders Acess Bank Plc and Union Bank Plc have dismissed reports suggesting that they are both locked in talks over possible merger.
They both said that there was not truth whatsoever in the reports.
Access Bank Plc through a statement by its secretary, Sunday Ekwochi, over the weekend, said:
“Our attention has been drawn to recent social media report of Access Bank Plc being 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 transactions.”
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.
Atlas Mara’s investment in Union Bank of Nigeria Plc worth $159 million as at December 2018.