• Wednesday, February 28, 2024
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Access, Union Banks refute acquisition rumours

Access, Union Bank refute acquisition rumours

Sequel to rumours of a potential acquisition of Union bank by Access bank, both banks have publicly denied the claims, stating they were mere rumours and speculations.

According to reports released by both banks to the Nigerian Stock Exchange, talks about the acquisition of the tier-2 lender, Union bank, never occurred, while transaction move by shareholders never existed.

“Our attention has been drawn to a blog post on the aforementioned site (and circulating on social media) positing that Access Bank is in talks to acquire Union Bank. As the post itself states, the unfounded report is based on ‘mere rumours and speculation,” Union bank reported.

“The Nigerian Stock Exchange, other regulatory agencies and members of the public are advised to disregard the publication in its entirety,” Union concluded.

In June 2019, Union bank in a  bid to restructure its balance sheet for efficiency saw its shareholders unanimously approve a proposed reduction of N54.4 billion from the bank’s share premium account.

The move was intended to eliminate the major impediment which had been preventing the bank from paying dividends to its shareholders.

More details later………..