Sunday Ekwochi, Access Bank Plc's secretary, in a statement issued over the weekend, denied the report circulating on social media on over possible acquisition of Union Bank Plc from its major shareholder, Atlas Mara Limited.

Our attention has been drawn to a recent social media report of Access Bank Plc is engaged in talks to acquire Union Bank of Nigeria Plc. 

An Access Bank Plc branch in Lagos (Pulse) An Access Bank Plc branch in Lagos (Pulse)

“The Nigerian Stock Exchange and the general public are hereby advised to discountenance such rumour as same is devoid of truth. The Bank is not engaged in any discussion with Union Bank of Nigeria Plc or any of its shareholders regarding any such transaction,” Access Bank said. 

On Monday, Union Bank of Nigeria Plc also denied talks with Access Bank Plc over possible acquisition as stated in the social media report.

“... as the post itself states, the unfounded report is based on 'mere rumours and speculation,” urging the public to disregard it. 

Atlas Mara group holds a direct and indirect share in UBN with voting right of about 49% as of December 31, 2018, according to the company's financial records seen by Business Insider SSA. 

Business Insider SSA recalls that the group completed the acquisition of the shares between 2014 and 2015. 

Atlas Mara's investment in Union Bank of Nigeria Plc worth $159 million as at December 2018.