First Bank Speaks On Reported Merger With Polaris Bank

Management of First Bank Nigeria Plc has reacted to media report that it plans to merge with Polaris bank.

A media publication, yesterday, suggested that there are ongoing merger talks between its main subsidiary — First Bank of Nigeria Ltd, and Polaris Bank Ltd.

In the statement, which was made available via the Nigerian Stock Exchange website, FBN Holdings admitted that it has recently been presented with merger and acquisition opportunities, much like every other commercial bank in the country.

The company also noted that it understands why analysts are speculating that it might currently be involved in merger and acquisition talks, bearing in mind that First Bank is one of the biggest and most liquid banks in the country.

Having noted all these, FBN Holdings Plc refused to categorically confirm or deny its supposed involvement in the reported ongoing merger talks with Polaris Bank Ltd.

According to the statement, FBN is choosing to be mindful of its reactions regarding this topic. The company said it believes that inorganic growth such as the one presented by merger/acquisition, will always be a growth strategy for many banks.

 

 

(Nairametrics)