ACCESS BANK MOVES TO CONSUME UNION BANK

ACCESS BANK MOVES TO CONSUME UNION BANK

 

Despite the continuous denials by one of the biggest commercial banks regarding the acquisition of one of the oldest bank in Nigeria, indications have continued to point otherwise.

A source close to happenings in the Nigerian financial industry has alleged strongly that Access Bank has perfected plans to acquire Union Bank Plc in a move that could see the bank jumping to the biggest network in Nigeria, thereby solidifying another barge in the use of acquisition or merger to grow its customer base and increase penetration rate.

Recall that two years ago the bank consumed Diamond Bank to form one of the strongest financial institutions in the country.

The new claim became solidified when recently the Herbert Wigwe-led bank acquired a lender company outside the shores of Nigeria after sealing the deal to takeover African Banking Corporation, which is situated in Mozambique.

The Southern African lender was acquired from Atlas Mara Limited, an investment company which owns Union Bank of Nigeria with plans to merge African Banking Corporation with its subsidiary in Mozambique.

The financial acquisition company had in the past also made known its decision to sell Union Bank.

The acquisition of African Banking Corporation comes two weeks after Access Bank acquired Grobank Limited, a South African financial institution.