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Business News of Friday, 13 March 2020

Source: www.mynigeria.com

We are not merging with Heritage, Polaris Bank- First Bank says

First Bank First Bank

First Bank has clarified rumours regarding its merger with Heritage and Polaris Bank.

According to a notice filed by the Bank to the Nigerian Stock Exchange, it said it was not considering any merger or acquisition with any bank.

It revealed that the brand which has stood the test of time for 101 years would always be involved in speculations on account of its size, liquidity, and systemic importance.

However, it noted that the bank would only merge when it is beneficial for shareholders, as well as make the requisite announcement when necessary.

"Inorganic growth remains a strategic consideration for all financial institutions, but from FirstBank's experience, it will only be considered when it is value accretive to shareholders and other key stakeholders.

"Similar to other Nigerian Banks, FirstBank continues to scan Sub Saharan Africa in general for potential acquisitions.

"FBN Holdings Plc is mindful of its responsibilities as a Premium Board listed company and will appropriate disclosures should it find such value," the statement read in part.