CBN approves merger of Unity and Providus Bank

The Central Bank of Nigeria (CBN) has approved the merger between Unity Bank and Providus Bank Limited.

CBN Acting Director of Corporate Communications, Hakama Sidi-Ali, disclosed this in a statement on Tuesday in Abuja.

The statement read: “The merger is subject to financial support from the CBN. The funds will play a significant role in meeting Unity Bank’s total obligations to the Central Bank and other stakeholders.

“It cannot be denied that Bank Indonesia’s (BI) actions are in accordance with the provisions of Article 42 paragraph (2) of the 2007 BI Law. This regulation is very important for the financial health and operational stability of the institution post-merger.

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“It is important to emphasize that no bank in Nigeria is currently facing the same precarious situation as Heritage Bank, which was recently liquidated.”

The CBN reaffirmed its commitment to the interests of depositors by ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.

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