First Bank in Talks to Acquire Polaris, Heritage

• First Bank in Talks to Acquire Polaris, Heritage

The First Bank Plc is in talks to acquire Heritage Bank and Polaris Bank ahead of the Central Bank of Nigeria planned recapitalisation.

The report first published by the Independent, an online news media, suggested that financial advisers are already putting finishing touches to the deal.

This was after the Central Bank of Nigeria had warned in 2019 that the second phase of banks recapitalisation will soon begin and banks without the required capital will lose licence. Also, the apex bank has been looking for buyers for the defunct Skye Bank, now Polaris bank, that was acquired by AMCON following a series of financial mismanagement and misappropriation. Therefore, the rumour is likely true, especially after the First Bank refused to deny the transaction in its response released on Friday.

It statement reads, “There will always be speculations on FirstBank’s involvement on account of its size, liquidity, systemic importance and historic support in backstopping the industry.

“Inorganic growth remains a strategic consideration for all financial institutions, but from First Bank’s perspective, will only be considered when it is value-accretive to shareholders and other key stakeholders.

“Similar to other Nigerian banks, First Bank 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 make appropriate disclosures should it find such value.”