Business Wema Bank to Acquire Rival Nigerian Bank Soon

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LequteMan

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Wema Bank Nigeria is planning to acquire or merge with a “rival bank” according to reports from Reuters.

The bank is said to have plans to seek shareholders approval for an acquisition, suggesting that a deal might materialize in the near future.

Wema bank has reportedly been mulling an acquisition of a bank since 2015 as it ramps up its re-positioning. It is unclear which bank could be a target, however most Tier 2 commercial banks that have suffered significant capital accretion in the stock market could be major targets if it raises the right funding. Another possible bank could be Keystone Bank, one of the remaining banks yet to be sold by AMCON.
 

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