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CBN approves Unity, Providus banks’ merger

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The CBN said the intervention aims to strengthen Nigeria’s financial system and prevent potential systemic risks.

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The CBN said it remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.PREMIUM TIMES delivers fact-based journalism for Nigerians, by Nigerians — and our community of supporters, the readers who donate, make our work possible. Help us bring you and millions of others in-depth, meticulously researched news and information.

Unity Bank, which is backed by the Asset Management Corporation of Nigeria , is the only listed bank yet to publish its 2023 earnings report. AMCON, tasked with purchasing and recovering bad loans from banks, is Unity Bank’s largest shareholder, owning over one-third of its issued shares.

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CBN approves financial accommodation for Unity, Providus banks mergerThe Central Bank of Nigeria, CBN, has approved a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. Hakama Sidi Ali, CBN’s acting Director of Corporate Communications, disclosed this in a statement on Tuesday.
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JUST IN: CBN approves bailout for merger of Unity, Providus banksThe Central Bank of Nigeria (CBN) says it will offer financial support to aid the merger between Unity Bank Plc and Providus Bank Limited.
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CBN approves Unity Bank, Providus Bank mergerThe Latest news in Nigeria and world news. The Guardian Nigeria Newspaper brings you the latest headlines, opinions, political news, business reports and international news.
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