Union Bank And Zenith Bank Deny Acquisition Rumour - Business

Union Bank And Zenith Bank Deny Acquisition Rumour - Business - Nairaland

Nairaland Forum › Nairaland General › Business › Union Bank And Zenith Bank Deny Acquisition Rumour (20636 Views)

Union Bank And Zenith Bank Deny Acquisition Rumour by themomentng(op): 3:02pm On Mar 18, 2020

DIRECTORS of Union Bank of Nigeria (UBN) Plc and Zenith Bank International Plc have refuted certain speculation that the two banks had reached agreement on an acquisition deal.

In separate statements yesterday, the Board of Union Bank said it had no such offer or agreement from Zenith Bank.

UBN stated that there was agreement on business combination with Zenith Bank, noting that “no binding offer has been made by anyone to either its shareholders or the board of directors of Union Bank”.

Zenith Bank also stated that it has not made “any binding offer to acquire any financial institution”.

UBN is making its first dividend payment this year after 11 years of corporate restructuring. The bank has recommended payment of about N7.3 billion for the 2019 business year. Shareholders will receive a dividend per share of 25 kobo.

The dividend was a major highlight of considerable improvements in the commercial bank’s top-line and bottom-line. Key extracts of the audited report and accounts of UBN for the year ended December 31, 2019 released yesterday at the Nigerian Stock Exchange (NSE) indicated that gross earnings grew by 14 per cent from N140.1 billion in 2018 to N159.9 billion in 2019. Interest income had grown by 11 per cent from N104.8 billion to N116.5 billion. Non-interest income also rose by 23 per cent from N35.3 billion to N43.3 billion.

The report further showed that operating expenses declined marginally from N71 billion to N70.8 billion. Net operating income increased from N89.7 billion to N95.5 billion. Profit before tax grew by 33 per cent from N18.7 billion to N24.7 billion. Profit after tax also rose by 32 per cent from N18.4 billion to N24.4 billion.

The balance sheet also emerged stronger. Gross loans rose by 20 per cent from N496.8 billion in 2018 to N595.3 billion. Customer deposits increased by 5.0 per cent to N886.3 billion in 2019 as against N844.4 billion in 2018.

https://thenationonlineng.net/union-bank-zenith-bank-refute-acquisition-rumour/amp/

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by emeijeh(m): 3:06pm On Mar 18, 2020

I knew it that an alphabet could not swallow a galloping horse grin

42 Likes 1 Share

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Optimistdude: 3:08pm On Mar 18, 2020

emeijeh:
I knew it that an alphabet could not swallow a galloping horse

Horse is bigger than zoro

16 Likes

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Nukilia: 3:18pm On Mar 18, 2020

Na fake news go finish this country! grin

5 Likes

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Pabloosas(m): 3:29pm On Mar 18, 2020

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by GamalNasser: 3:30pm On Mar 18, 2020

Hmmmm

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Zico5(m): 3:30pm On Mar 18, 2020

No bank is that strong in this country. The moment they begin to have problems u will know what's going on. As well, politicians are part to destruction of those bank. Our system of government is also affecting their performance. Working in a bank is synonymous to high blood pressure.

4 Likes

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by pmoye(m): 3:30pm On Mar 18, 2020

When they deny something, then you can believe it.

themomentng:
https://thenationonlineng.net/union-bank-zenith-bank-refute-acquisition-rumour/amp/

19 Likes 2 Shares

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by iCauseTrouble: 3:30pm On Mar 18, 2020

Denial simply means wait till we make it official

41 Likes 3 Shares

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by noblealuu: 3:30pm On Mar 18, 2020

Whatever rocks their boat, we talking Covid19 not bank imbroglio.

1 Like 2 Shares

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by wonuks(m): 3:30pm On Mar 18, 2020

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Stephendeals: 3:30pm On Mar 18, 2020

One have to be careful of information he believes these days

just negodu

5 Likes

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by NigeriaBam: 3:31pm On Mar 18, 2020

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Fuckthamods: 3:31pm On Mar 18, 2020

Great.. Zenith bank is way below the standard of Union bank, forget their useless packaging. They have no regards for their customers except the ones that are very wealthy

23 Likes

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by osuofia2(m): 3:31pm On Mar 18, 2020

UNION BANK HAS SEEN TIMES ZENITH NA BABY TO THEM, I LOVE MY BANK

20 Likes

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by bigtt76(f): 3:31pm On Mar 18, 2020

That was how Diamond Bank and Access Bank merger/acquisition began undecided

themomentng:
https://thenationonlineng.net/union-bank-zenith-bank-refute-acquisition-rumour/amp/

16 Likes

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by ForeThinker: 3:31pm On Mar 18, 2020

Insider trading sumtin

3 Likes 1 Share

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Onyekachi419(f): 3:32pm On Mar 18, 2020

Almost everything don turn to audio for this country.

Ooin they are doing well

1 Like

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Fheelzz(m): 3:32pm On Mar 18, 2020

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by YorubaKinging: 3:32pm On Mar 18, 2020

Very soon all banks will be privately owned by one institution
And one currency will be legally accepted throughout the world

Cash will be useless

You won't be able to buy or sell without the world bank

1 Like

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Lilimax(f): 3:32pm On Mar 18, 2020

Behind every rumour...
I'm sure they are making some moves

7 Likes

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Ruthlove019: 3:33pm On Mar 18, 2020

Nija i carry yansh for u oo

1 Like

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by ipobarethieves: 3:34pm On Mar 18, 2020

union bank and those old fashion staff dat wear red yellow and blue

1 Like

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by slimmax: 3:34pm On Mar 18, 2020

Na First bank , heritage and polarisbank own remains to be refuted

2 Likes 1 Share

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by DEROX: 3:35pm On Mar 18, 2020

zenith all the way

1 Like

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by AreaFada2: 3:35pm On Mar 18, 2020*

If it made no sense they would never have denied it. They would just have ignored it.

This denial means it's still work in progress. But they may get some bullocking from SEC for not keeping their big mouth shut until everything was agreed and in place. Some loose ends yet to tie up. grin

3 Likes

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Zico5(m): 3:35pm On Mar 18, 2020

What's the way forward in Nigeria. The strong bank today may become useless tomorrow. Take for instance the case of diamond bank, oceanic bank, bank phb and co in 2008. Who can ever dream such banks will go into oblivion. The employees in those bank are the one I pity most.

1 Like

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Ruthlove019: 3:35pm On Mar 18, 2020

Nukilia:
Na fake news go finish this country!

Lol

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by franchasng: 3:36pm On Mar 18, 2020*

Nigerian Pensioners refused the merger, citing reason that they cannot be dragging queue with slayqueens and slayboyz in bank should Zenith take over, dont ask me how I know cos my papa is the head of Pensioners in my remote village angry

10 Likes

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Nobody: 3:36pm On Mar 18, 2020

fake news creator should be killed

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by Eoe54: 3:39pm On Mar 18, 2020

Na so rumon they start before reality show..

Re: Union Bank And Zenith Bank Deny Acquisition Rumour by DesignHave: 3:40pm On Mar 18, 2020*

Lemme handle your logo designs today.

Check out the link to my previous jobs below in my signature

1 2 Reply

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