The management of FBN Holdings Plc, on Friday, wrote to the Nigerian Stock Exchange (NSE) on its purported merger with Heritage Bank Limited and Polaris Bank Limited, without admitting, or debunking the story.
In a statement by Seye Kosoko, its company secretary, the group rather hinted that the reported business combination of First Bank of Nigeria Limited, its largest subsidiary and both banks is a possibility, given recent events that have thrown up merger and acquisition opportunities for banks.
It noted that such should not be unexpected, on account of First Bank’s “size, liquidity, systemic importance and historic support in backstopping the industry.”
Moreover, it continued, “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.”
Just like other Nigerian banks, the statement said First Bank “continues to scan Sub Saharan Africa in general for potential acquisitions.”
It promised to make appropriate disclosures, should it find such value, mindful of its responsibility as a premium board listed company.