Union Bank Responds On The Access Bank – Atlas Mara Rumoured Deal Discussion: Ignore the Rumour

  

Bank – Atlas Mara Rumoured Deal Discussion: Ignore the Rumour

Union Bank Plc has updated me after the piece on a rumoured deal between Access Bank and Atlas Mara, Union Bank’s majority shareholder. The bank has clearly noted that it was all rumour and nothing there. I have posted the full feedback. Please take note accordingly. Yet, I will not delete the piece since the source is still there, and most importantly, I noted that it was all rumour, but quickly moved to the perspectives I wanted to share. I do not break news, I only analyze broken ones!

 I have been riding the horse since my first paycheck when after receiving my first salary in Diamond Bank at Adeola Hopewell Street, Victoria Island Lagos, I ran across the street to open a savings account with Union Bank. Till today,, the bank continues to keep its words. So, the horse lives!

From Union Bank

Thank you for your keen and thoughtful analysis of various topical issues pertaining to the financial sector, and the fresh perspective you bring to these discussions. We have come to regard you as a well-respected voice in our industry and beyond.

Your objective, unbiased stance is the reason we are reaching out to provide some clarity concerning your recent article titled ,‘Besides the Rumours of Access Bank Acquiring Union Bank Nigeria’.

We are aware of recent rumours resulting from an article by a blogger who regurgitated an old, misleading news article which has since been debunked.

Please read our statement to the Nigerian Stock Exchange debunking the rumour ( http://www.nse.com.ng/Financial_NewsDocs/32241_UNION_BANK_OF_NIGERIA_PLC%20RESPONSE_TO_ONLINE_PUBLICATI.pdf ) , and Atlas Mara’s statement addressing this issue here ( https://otp.tools.investis.com/clients/uk/atlas_mara1/rns/regulatory-story.aspx?cid=744&newsid=1446833 )

We are sure you will agree that editorial articles/analyses should be based on facts, not rumours and speculations, and as such we hope that you consider updating your article, based on the factual statements referenced above.

Please do not hesitate to contact me should you have questions or require further clarification.

Thank you very much for your time and attention.