FBH Holdings reacts to acquisition of Heritage bank, Polaris bank

The management of FBN Holdings has debunked proposed plans to acquire Heritage bank, Polaris bank, calling it speculation on FirstBank’s involvement on account of its size, liquidity, systematic important and historic support in backstopping the industry.

One of the national dailies had reported on Friday that banking industry in the country will soon witness another round of merger and acquisition in the banking sector as financial advisers are putting finishing touches to a merger arrangement between First Bank of Nigeria, Heritage Bank and Polaris Bank.

The Company Secretary, FBN Holdings, Seye Kosoko in its response said, “recent events in the industry have thrown up merger and acquisition opportunities for banks.

“It is therefore not unexpected that analysts will continue to share viewpoints about the evolution or consolidation in the Nigerian Banking industry. There will always be speculation on FirstBank’s involvement on account of its size, liquidity, systematic important and historic support in backstopping the industry.

“Inorganic growth remains a strategic consideration for all financial institutions, but from FirstBank’s perspective, 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 acquisition.

“FBN Holdings plc is mindful of its responsibilities as a Premium Board listed company and will make appropriate disclosures should it find such value.”