Rumorville has been swarming with news that Access Bank is planning to merge and acquire Union Bank. More fuel has been added to the rumour seeing as Access Bank recently merged and acquired Diamond Bank. Many are saying that Access Bank is looking to merge and acquire more banks and are already talking to Union Bank. The management of Access Bank recently released a statement denying reports of the merger and acquisition talks with Union Bank Plc.
About Access Bank’s Statement Debunking Merger Acquisition Talks with Union Bank
In response to the rumour about merger acquisition talks with Union Bank, Access Bank sent a prompt disclosure to the Nigerian Stock Exchange. The disclosure stated that they have not entered into any such discussion with Union Bank or any other institution. The disclosure was signed by Sunday Ekwochi, the bank’s secretary. In the disclosure, they stated that they won’t go ahead with such corporate action without appropriate disclosure to relevant authorities.
Access Bank’s Disclosure to Nigerian Stock Exchange
Here’s an expert from the disclosure Access Bank sent to the Nigerian Stock Exchange denying any merger acquisition talks with Union Bank.
‘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 then urged the market and the Nigerian public to disregard any such information emanating from other sources other than the bank.