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Zenith Bank denies rumours of Union Bank acquisition

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In a market information announcement released to the Nigerian Stock Exchange today the 17th of March 2020, Zenith Bank Plc (ZENITHBANK:NG) denied making any binding offer for Union Bank Plc (UBN:NG) according to the announcement as issued by Zenith Bank’s Company Secretary the bank “has not made any binding offer to acquire any financial institution”.

Union Bank Plc followed with an announcement of its own mentioning Nigerian financial publication Nairametrics as the source of online speculation of a potential acquisition of the bank and equally denying the existence of any agreement or binding offer from Zenith Bank Plc. Nairametrics had run with the story on the 14th of March citing unnamed sources as being behind information regarding the acquisition.

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Zenith Bank denies rumours of Union Bank acquisition

Both Zenith Bank and Union Bank officials on Tuesday the 17th of March 2020 denied any binding offer in respect of a potential acquisition.