The Central Bank of Nigeria (CBN) has granted approval for financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited.
In a statement released on Tuesday, Sidi Ali Hakama, the Acting Director of Corporate Communications for the CBN, highlighted the importance of this financial support.
She said, “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.
“It is unequivocal to state that the CBN’s action is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007. This arrangement is crucial for the financial health and operational stability of the post-merger organisation.”
The merger is contingent upon the financial backing from the CBN, which is essential for the financial health and operational stability of the post-merger organization.
The CBN’s action aligns with the provisions of Section 42 (2) of the CBN Act, 2007, ensuring compliance with regulatory standards.
Mrs. Hakama emphasised that the CBN remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.
