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BUSINESS

Unity Bank and Providus Bank Merge, CBN gives approval

August 6, 2024 • 2 min read

August 6, 2024.

The Central Bank of Nigeria, CBN, has greenlights the merger between Unity Bank and Providus Bank.

The apex bank, in a statement signed by the acting Director, Corporate Communications, Hakama Sidi, on Tuesday, said the move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks.

According to the circular released which was made available to The YorubaTimes, states that the action is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007.

The statement read, “The Central Bank of Nigeria has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. This strategic move is designed to bolster the stability of Nigeria’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. 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 Central Bank of Nigeria (CBN) reaffirms its unwavering dedication to protecting the interests of depositors and maintaining the stability of the banking sector.

In a remarkable statement, the Apex bank also stated that through forward-l q oo thinking initiatives and targeted interventions, the CBN ensures the seamless operation of financial institutions, fostering a secure and resilient banking environment.