Two main commercial banks in Nigeria, Union Bank and Zenith Bank have denied the rumour going round that they have struck an acquisition deal.
Directors of both banks in separate statements refuted the rumour.
The Board of Union Bank in its statement said it had no such offer or agreement from Zenith Bank.
Union Bank of Nigeria stated that there was agreement on business combination with Zenith Bank, noting that “no binding offer has been made by anyone to either its shareholders or the board of directors of Union Bank”.
Similarly, Zenith Bank also stated that it has not made “any binding offer to acquire any financial institution”.