First Bank of Nigeria, the largest lender by market value in the region, has recently stated that it hopes to merge with Ecobank Transnational.
The surprise announcement comes after a business agreement in December 2008 between Nedbank and Ecobank looked set to tie-up Ecobanks pan-African business.
According to Reuters, First Bank spokeswoman Celine Loader said the deal is awaiting approval from the other side. Richard Uku, an Ecobank spokesperson, said nothing is final.
The potential merger between First Bank and Ecobank has been on and off since 2005. The most recent failed bid was due to shareholders failing to reach a valuation agreement.