The Central Bank of Nigeria (CBN) has approved the merger between Unity Bank and Providus Bank. This decision was announced by CBN spokeswoman Mr. Hakama Sidi Ali in Abuja.
She said “The Central Bank of Nigeria (CBN) has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited.
“This strategic move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks.
The merger is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders.”
The CBN’s move is in line with the CBN Act, 2007, and is intended to ensure the merged bank’s financial health. The CBN is committed to protecting depositors and maintaining confidence in the banking sector during this merger.
(Vanguard)