The Central Bank of Nigeria (CBN) has sanctioned the merger between Providus Bank and Unity Bank. In a statement signed by Acting Director of Corporate Communications, Hakama Sidi, the CBN affirmed that the merger complies with Section 42(2) of the CBN Act 2007, as amended.
This approval comes in the context of the CBN’s ongoing recapitalization efforts, which have prompted banks to seek ways to meet new regulatory requirements. Notably, this merger is the first to occur under the new recapitalization policy.
Additionally, the CBN has announced the merger of a key financial institution, which complements the Providus and Unity Bank merger. This strategic decision is expected to enhance the stability of Nigeria’s financial system by mitigating potential risks and systemic vulnerabilities.
The full details of the official press release are provided above. This merger is anticipated to significantly boost the financial health and operational stability of the banks involved.
