Access Bank denies acquisition of Union Bank
Barely six months after Access Bank Plc Merged with Diamond Bank Plc, making it the largest bank in Africa by customer base, the bank has denied the rumour that it is planning a possible acquisition talk with Union Bank of Nigeria.
The bank in a prompt disclosure sent to the Nigerian Stock Exchange, NSE, on Monday said it has not entered into any such discussion with Union Bank or any other institution.
The disclosure, signed by Sunday Ekwochi, Access Bank secretary, said the bank would not go ahead with such corporate action without appropriate disclosure to relevant authorities.
‘The attention of Access Bank Plc has been drawn to the rumour on social media stating that the Bank is purportedly in discussions with Union Bank Plc to acquire the Bank.
“As a publicly quoted company built on best practice, the bank is fully cognizant of its disclosure obligations in respect of any such corporate action and will always discharge its obligations in the most professional manner,” the disclosure said.
‘‘Consequently, any such statement regarding any such corporate action that is not issued by the bank should be disregarded’’.
The bank, thereafter, urged the market and the Nigerian public to disregard any such information emanating from other sources other than the bank.
Recalled that in November 2018, Access Bank denied media report of its intending merger with Diamond Bank Plc until December when it made the intention public.
In March 2019, Access Bank finally merged with Diamond Bank after informing their investors and customers in December in order to strengthen its core portfolio, as well as corporate and retail banking services.
The merger between Access Bank and Diamond Bank resulted in the formation of the largest bank in Africa by customer base, even as all Access and Diamond Bank buildings were rebranded with a new logo to reflect the deal.