Reuters is reporting that Wema Bank is planning go acquire or merge with a “rival bank”. The bank is said to have plans to seek shareholders approval for an acquisition suggesting that a move might be imminent.
Wema bank has 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.