₦airaland Forum

Bamidele Ogunwusi
Lagos – FBN Holdings has, on Friday, confirmed the Thursday 12 March 2020 story titled, “First Bank Set to merge with Heritage Bank, Polaris Bank”.

In a notice to the Nigerian Stock Exchange (NSE) on Friday, March 13, 2020 signed by Seye Kosoko, Company Secretary, FBN Holdings Plc, did not deny or confirm the newspaper report on the proposed acquisition.

In the note, titled, Re: Request For Clarification- “First Bank Set To Merge With Heritage Bank, Polaris Bank”, FBNH said the bank, like any other serious financial institution of its stature, will always be a reference point because of its size, liquidity and systemic importance.

FBNH said, “With respect to the online publication on the largest subsidiary of FBN Holdings Plc, First Bank of Nigeria Limited by Independent Newspapers Limited dated 12 March 2020 captioned “First Bank Set to merge with Heritage Bank, Polaris Bank”, we wish to state as follows in line with Rule 17.10 of the Rulebook of the Exchange 2015 that:
“Recent events in the industry have thrown up mergers and acquisition opportunities for banks.

“There would always be speculation on First Bank’s involvement on account of its size, liquidity, systemic importance and historic support in backstopping the industry. Inorganic growth remains a strategic consideration for all financial institutions, but from First Bank’s perspective, will only be considered when it is value accretive to shareholders and other key stakeholders.

“Similar to other Nigerian banks, First Bank continues to scan sub-Saharan Africa in general for potential acquisitions.

“FBN Holdings Plc is mindful of its responsibilities as a Premium Board listed company and will make appropriate disclosures should it find such value.”

Daily Independent had reported on Thursday that 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.

A source privy to the merger informed Daily Independent that both Polaris and Heritage 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.

Daily Independent gathered that Polaris Bank, formerly Skye Bank, for instance, which is currently under the Asset Management Corpora­tion of Nigeria (AMCON), is 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://www.independent.ng/first-bank-confirms-merger-acquisition-talks/

lalasticlala

So fbn wan swallow those other banks?
I no understand

Too much money.

Acquiring 2 banks at once...

Ok oo.
That Polaris bank sef. Is it not last year it changed its name from Skye Bank?
It have been involved in too many mergers and change of names till it seems to me like Ashawo bank.
If it were to be a woman, it would been recoded to have married too many husbands.

I saw one Heritage Bank branch in my area fully built but not operating for many years. Saraki and partners were hoping for a PDP return in 2019 to begin stealing so as to revive the bank. First bank should be careful who they are buying.

Nonsense banks!!

GTB and Zenith remains the best bank!!

Mega acquisition

Cyberterror:
I saw one Heritage Bank branch in my area fully built but not operating for many years. Saraki and partners were hoping for a PDP return in 2019 to begin stealing so as to revive the bank. First bank should be careful who they are buying.

You don't have sense

It shall come to a time our banks will be narrowed to 4, namely UBA, Zenith, FBN and Access banks

Mutemenot:
It shall come to a time our banks will be narrowed to 4, namely UBA, Zenith, FBN and Access banks

And all but one passed the "merge" exam.

Apart from First bank, no other bank is that strong. They can be acquired by any strong bank.

Can Union Bank, keystone and wema join the merger too

I recommend Gtb to save these banks from their worries

Polaris don suffer

From AfriBank to Mainstreet to Skye to Polaris and finally to First Bank

Wow....a whole first bank?

Hmm

Mutemenot:
It shall come to a time our banks will be narrowed to 4, namely UBA, Zenith, FBN and Access banks

Gtb get users too

Wow

Islie:
https://www.independent.ng/first-bank-confirms-merger-acquisition-talks/

lalasticlala

Another round of panic about to commence

Pls do something about my shares with polaris

It is a pity! I need to withdraw my money from Polaris on Monday, I can't cope with FBN poor customer service

NextD18:
GTB and Zenith remains the best bank!!

GtBank and others

It's a good move, that will strengthen the security of customers cash. CBN should also put in places policy that will benchmark/prevent bankers from losing their job through this merger.
Number of banks gradually decreasing.

INEC should also look into this via registered political parties.

A firstbank that I cannot withdraw my last 1K, is that one a firstbank?



We are talking Sterlingbank, you are talking Firstbank....

Mutemenot:
It shall come to a time our banks will be narrowed to 4, namely UBA, Zenith, FBN and Access banks

GTB inclusive

hmm

Mutemenot:
It shall come to a time our banks will be narrowed to 4, namely UBA, Zenith, FBN and Access banks

Where will you put GTB? The strongest of them all