Zenith Bank Plc has reportedly been given the green light to merge or acquire Union Bank Nigeria Plc. Nairametrics got wind of this from a reliable source. We understand talks are currently ongoing between the banks and a tentative arrangement may have been reached to commence due diligence.
Just last week reports from the Daily Independent suggest Nigeria’s oldest bank FirstBank was also on track to merge or acquire Polaris and Heritage Banks respectively. The bank issues a press release on the Nigerian stock exchange that did not deny the claims but also did not confirm if it is true.

Zenith Bank is Nigeria’s largest bank by profits and second by total assets and could increase its size significantly further with a potential acquisition or merger of this magnitude. Sources from both banks denied any mergers plans have been concluded but will not deny or affirm if talks are ongoing. Nairametrics also got a similar response when we contacted sources in First Bank. Deals like these are typically not confirmed until the clearance is obtained from the Securities and Exchange Commission.

Why the merger: It is not immediately clear why both banks will be considering a merger, however, Union Bank owners Atlas Mara with a 49% stake has been under pressure to exit their African holdings.
Last year (February), Atlas Mara co-founder Bob Diamond announced he was resigning his post as Chairman of the company. The company said it was looking at selling off banking assets in countries where it was not the dominant player.

https://nairametrics.com/2020/03/14/reports-suggest-zenith-bank-given-green-light-to-acquire-union-bank/

Front page please, the horse is finally going into its stable

I am beginning to wonder, yet all these banks will be forming Porsche when presenting their financial report, claiming billions as profit after tax yet they are not strong enough, they continue to merge..... Audio money everywhere.