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Wema Bank denies merger, acquisition claim months after CFO hint

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Following reports that Wema Bank is planning to enter into a merger process, the lender has denied taking such step to boost its competitiveness in the financial market.

Wema Bank, which has been operating from the shadows of the financial sector, was stated to be considering merger option with a financial technology firm or counterpart in the banking sector.

READ ALSO: Wema Bank appoints ex-Ogun deputy governor, Adesegun as executive director

A report by Business Post attributing a source, said management was taking their time about this step, while preparing to snap up a financial institution.

However, a representative of Wema Bank, told Ripples Nigeria correspondent on the phone, that the company is not planning on merging, “That is not true.” she said, adding that, “We are not merging with any bank.”

Although, during the second quarter 2021, the Chief Financial Officer, Tunde Mabawonku, had hinted on the possibility of merger and acquisition to scale in the sector.

Wema Bank has been overshadowed in the mid-level financial category, as the management shifts focus to the financial technology market with its mobile loan product, ALAT, in a bid to reduce rising cost.

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