Access Bank debunks merger, acquisition talks with Union Bank


The management of Access Bank has denied reports that it is in merger and acquisition talks with Union Bank Plc.

The bank in a prompt disclosure sent to the Nigerian Stock Exchange, NSE, on Monday said it has not entered into any such discussion with Union Bank or any other institution.

The disclosure, signed by Sunday Ekwochi, Access Bank secretary, said the bank would not go ahead with such corporate action without appropriate disclosure to relevant authorities.

‘The attention of Access Bank Plc has been drawn to the rumour on social media stating that the Bank is purportedly in discussions with Union Bank Plc to acquire the Bank.

“As a publicly quoted company built on best practice, the bank is fully cognizant of its disclosure obligations in respect of any such corporate action and will always discharge its obligations in the most professional manner,” the disclosure said.

‘‘Consequently, any such statement regarding any such corporate action that is not issued by the bank should be disregarded’’.

The bank, thereafter, urged the market and the Nigerian public to disregard any such information emanating from other sources other than the bank.