CBN Grants Approval For Unity And Providus Banks Merger

CBN Grants Approval For Unity And Providus Banks Merger....KINDLY READ THE FULL STORY HERE▶

The Central Bank of Nigeria (CBN) has approved a crucial financial measure to facilitate the merger between Unity Bank Plc and Providus Bank Limited. According to Naija News, the announcement was made on Tuesday by the acting Director of Corporate Communications, Hakama Sidi-Ali…… CONTINUE READING

Sidi-Ali explained that this step is aimed at enhancing the stability of the country’s financial system and mitigating potential systemic risks.

The CBN reaffirmed its commitment to protecting depositors’ interests and maintaining the efficient operation of the banking sector through proactive strategies and interventions.

The statement noted, “The merger depends on financial support from the CBN. This funding will help Unity Bank meet its obligations to the Central Bank and other stakeholders.”

It was also clarified that the CBN’s action is in accordance with Section 42 (2) of the CBN Act, 2007, and is essential for the financial health and operational stability of the newly merged entity.

Furthermore, it was emphasized that no Nigerian bank is in as critical a condition as Heritage Bank, which was recently liquidated.

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