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First Bank in merger talks with local, foreign banks

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First Bank Plc may have opened merger talks with some other Nigerian and foreign banks ahead of the banking industry recapitalisation plan of the Central Bank of Nigeria.

The bank said similar to other Nigerian banks, it would continue to scan sub-Saharan Africa in general for potential acquisitions.

It said, “There will always be speculations on FirstBank’s involvement on account of its size, liquidity, systemic importance and historic support in backstopping the industry. “Similar to other Nigerian banks, First Bank continues to scan sub-Saharan Africa in general for potential acquisitions. This, according to him, meant that the N25bn capital base of banks when translated into the dollar was about $250m.

 

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What does that even mean?

Is the bank no more buoyant to be independent or what?

Who is buying who?

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