CBN merges two popular banks to one

The Central Bank of Nigeria (CBN) has approved a financial support package to facilitate the merger of Unity Bank Plc and Providus Bank Limited.

This decision, announced on Tuesday, aims to strengthen the country’s financial system and mitigate potential systemic risks.

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Hakama Sidi-Ali, the acting Director of Corporate Communications for the CBN, highlighted that this financial assistance is essential for Unity Bank to meet its obligations to the Central Bank and other stakeholders.

The move is part of the provisions outlined in Section 42 (2) of the CBN Act, 2007, and is crucial for maintaining the financial health and operational stability of the newly formed entity post-merger.

The CBN also emphasized its commitment to protecting depositors’ interests and ensuring the banking sector operates smoothly through proactive measures and strategic interventions.

This comes amid recent concerns, such as the liquidation of Heritage Bank, with the CBN reassuring that no other Nigerian banks are currently facing similar difficulties.