Connect with us

    Hi, what are you looking for?

    E-Financial

    CBN Approves ProvidusBank, Unity Bank Merger

    CBN
    CBN

    Central Bank of Nigeria (CBN) on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and the Providus Bank Limited.

    The apex bank, in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the move is designed to bolster the stability of the nation’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 statement read.

    “It is unequivocal to state that the CBN’s action is under 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.

    “It is important to emphasise that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated.”

    The CBN said it remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The Enugu State Government has accused Olasijibomi Ogundele, CEO of Sujimoto Luxury Construction Limited, of defrauding the state of N5.7 billion paid for the...

    Broadcasting

    Gauteng High Court, Johannesburg, has awarded damages of more than R2.6 million to the girlfriend of a Nigerian citizen who was suffocated to d3ath...

    E-Financial

    The Bank of Ghana (BoG) has announced the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana, effective September...

    E-Financial

    The Bank of Ghana (BoG) has suspended the remittance partnerships of several fintech companies including Flutterwave, Tap Tap Send, and others for a period...