Nigeria will soon witness another round of merger and acquisition in the banking sector as financial advisers are putting finishing touches to a merger arrangement between First Bank of Nigeria, Heritage Bank and Polaris Bank.
According to Daily Independent, both Polaris and Heritage banks have been looking for a worthy bank to do business with as they have been told by the apex bank, the Central Bank of Nigeria (CBN), after a round of stress test in banks last year to shape up or lose their licence.
The source also informed that these three entities are vigorously pursuing the merger and acquisition talks across all available means.
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