CBN Okays Merger Between Unity And Providus Banks
The apex bank approved financial accommodation to steady the post-merger lender, and said no bank faces a Heritage-style collapse.
The Central Bank of Nigeria (CBN) has okayed a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited.
In a press statement released via their official X handle, which was signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali, “the move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks”.
The bank also allayed the financial fears of Nigerians. “No Nigerian bank currently faces a precarious situation comparable to that of Heritage bank that was liquidated”.
The proactive measure will enable Unity Bank fulfill its total obligations to Central Bank and stakeholders. “This arrangement is crucial for the financial health and operational stability of the post-merger organisation,” the Bank Chief stated.
CBN’s strategic move is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007.
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