Adesola Adeduntan, CEO, FirstBank

By OBINNA EZUGWU

FBN Holdings Plc has reacted to the ongoing speculation that it plans a merger with or acquire Polaris and Heritage banks.

The bank which which reacted to the speculation in a statement posted on the website of the Nigerian Stock Exchange (NSE) admitted that it has recently been presented with merger and acquisition opportunities, just like other commercial banks in the country.

While failing to categorically confirm the merger move, the bank said it understands why analysts are speculating that it might currently be involved in such talks, given that it is one of the biggest and most liquid banks in the country.

The bank said it is choosing to be mindful of its reaction regarding this topic, emphasizing that it believes that inorganic growth such as the one presented by merger/acquisition, will always be a growth strategy for many banks.

The statement said, however, that FBN Holdings Plc will only consider the merger/acquisition option if it is able to find an opportunity that guarantees value addition to its shareholders.

It affirmed that should the company eventually find such an opportunity that is value accretive to its shareholders, it will properly communicate the development to the general public, in line with regulatory requirements.