The Central Bank of Nigeria (CBN) has approved financial support for the merger between Unity Bank Plc and Providus Bank Limited, as announced by acting Director of Corporate Communications, Hakama Sidi Ali, on August 6.
This pivotal move aims to enhance the stability of Nigeria's financial system and mitigate systemic risks, aligning with Section 42 (2) of the CBN Act, 2007.
The financial assistance is crucial for addressing Unity Bank's obligations to the CBN and other stakeholders, ensuring the operational stability of the merged entity.
The CBN emphasized that no Nigerian bank is currently in a precarious situation like the recently liquidated Heritage Bank, reaffirming its commitment to safeguarding depositors' interests and the overall health of the banking sector.
0 Comments