FirstBank in rumoured merger with Heritage and Polaris Bank

There are unofficial reports that one of Nigeria’s largest lenders, FirstBank Nigeria PLC could be acquiring or merging with Polaris and Heritage Bank.

According to a report by Nigeria’s Daily Independent Newspaper, and unnamed source privy to the merger informed Daily Inde­pendent that both Polaris and Heritage have been looking for a worthy bank to do busi­ness with as they have been told by the apex bank, the Cen­tral Bank of Nigeria (CBN), after a round of stress test in banks last year to shape up or lose their licence.

The source also informed that these three entities are vigorously pursuing the merger and acquisition talks across all available means.

Neither FirstBank, Polaris and Heritage Bank have denied nor confirmed the news.

The last merger that has happened in recent times is the Access Bank and Diamond Bank to form the largest bank by customer base.