CBN Approves Unity Bank Plc and Providus Bank Merger

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

This strategic move the bank said is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks.

The apex bank, in a statement on Tuesday by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the merger is contingent upon the financial support from the CBN as the fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders.

Sidi-Ali,  stated that the CBN’s action is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007.

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.

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