March 13, 2020/NSE
With respect to the online publication on the largest subsidiary of FBN Holdings Plc, First Bank of Nigeria Limited by Independent Newspapers Limited dated 12 March, 2020 captioned “First Bank Set to Merge with Heritage Bank, Polaris Bank”, we wish to state as follows in line with Rule 17.10 of the Rulebook of the Exchange 2015:
- 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 potential consolidation in the Nigerian Banking Industry.
- There will always be speculation 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 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 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.