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Nairaland Forum / Nairaland / General / Business / Firstbank Set To Merge With Heritage Bank, Polaris Bank (1000 Views)
Dangote’s Bid To Merge Sugar, Salt, Rice Businesses Hits Brick Wall / CBN Sacks Boards Of Union Bank, Keystone Bank, Polaris, Titan Trust / First Bank Confirms Merger, Acquisition Talks With Heritage And Polaris Banks (2) (3) (4)
Firstbank Set To Merge With Heritage Bank, Polaris Bank by godlyguy(m): 1:37pm On Mar 13, 2020 |
Nigeria will soon witness another round of merger and acquisition in the banking sector as financial advisers are putting finishing touches to a merger arrangement between First Bank of Nigeria, Heritage Bank and Polaris Bank. According to Daily Independent, both Polaris and Heritage banks have been looking for a worthy bank to do business with as they have been told by the apex bank, the Central Bank of Nigeria (CBN), after a round of stress test in banks last year to shape up or lose their licence. The source also informed that these three entities are vigorously pursuing the merger and acquisition talks across all available means. Polaris Bank, formerly known as Skye Bank, is currently under the Asset Management Corporation of Nigeria (AMCON) and has been up for sale since it became a bridge bank in 2018. The CBN had stated in October last year that seven commercial banks in the country failed stress test in adequate funding at the end of 2018. In a financial stability report published by the bank, it was revealed that in less than 30-day period analysis, seven Nigerian banks were not adequately funded, while in the 31-90 days bucket, nine banks had funding gaps. Overall, the cumulative position for the industry showed an excess of N4.8 trillion assets over liabilities. The banking regulator, however, did not mention the names of the seven of the banks but it privately informed the affected banks to look into the possibility of merger and acquisition to prevent a total collapse. https://ebeanonews..com/2020/03/firstbank-set-to-merge-with-heritage.html?m=1
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Re: Firstbank Set To Merge With Heritage Bank, Polaris Bank by lordm(m): 1:39pm On Mar 13, 2020 |
Lemme go and withdraw the small money I kept there 1 Like |
Re: Firstbank Set To Merge With Heritage Bank, Polaris Bank by StylishLord(m): 1:46pm On Mar 13, 2020 |
B4 i hear story that touches, make i go withdraw my money 1st, bcus its me 1st |
Re: Firstbank Set To Merge With Heritage Bank, Polaris Bank by emeijeh(m): 1:53pm On Mar 13, 2020 |
StylishLord: If it is first bank that will acquire the other 2, why are u scared? |
Re: Firstbank Set To Merge With Heritage Bank, Polaris Bank by LadySwitz: 1:56pm On Mar 13, 2020 |
lordm: Your money is safe |
Re: Firstbank Set To Merge With Heritage Bank, Polaris Bank by Brandonx(m): 2:04pm On Mar 13, 2020 |
see them saying they want to withdraw their money. Banks cannot fail, that's why there's a regulatory body like NDIC, CBN to check the activities of banks. |
Re: Firstbank Set To Merge With Heritage Bank, Polaris Bank by chibaby1985(f): 2:09pm On Mar 13, 2020 |
godlyguy: |
Re: Firstbank Set To Merge With Heritage Bank, Polaris Bank by nurez305(m): 2:13pm On Mar 13, 2020 |
lordm:don't worry, money is Safu !!! But staff job are not Safu |
Re: Firstbank Set To Merge With Heritage Bank, Polaris Bank by LearnITsmash(m): 2:26pm On Mar 13, 2020 |
Dumb Nigerians will come here to say, let me me go and withdraw their money |
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