Union bank and zenith bank deny acquisition rumour

According to recent reports, Union Bank of Nigeria and Zenith Bank have denied rumors of an acquisition deal between the two institutions.

In a statement released by Union Bank, the bank's management dismissed the rumors as "baseless" and "untrue", stating that there are no plans to acquire or be acquired by any other bank.

Similarly, Zenith Bank also issued a statement denying the rumors, saying that the bank is focused on its current business strategy and has no plans to acquire or merge with any other bank.

The rumors of an acquisition deal between the two banks had sparked widespread speculation in the financial sector, with many analysts and investors wondering what the implications would be for the Nigerian banking industry.

However, with both banks denying the rumors, it appears that the speculation has been put to rest for now.

It's worth noting that the Nigerian banking industry has seen several mergers and acquisitions in recent years, with some banks consolidating to strengthen their balance sheets and improve their competitiveness. However, any major acquisition deal would likely have significant implications for the industry and would require careful consideration and regulatory approval.

In any case, it's good to see that both Union Bank and Zenith Bank have clarified the situation and put the rumors to rest.