CBN saves Unity Bank, clears merger with Providus

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Providus Bank Limited,Unity Bank

The Central Bank of Nigeria (CBN), yesterday, extended a financial lifeline to struggling Unity Bank Plc and gave clearance for its planned

The Central Bank of Nigeria , yesterday, extended a financial lifeline to struggling Unity Bank Plc and gave clearance for its planned merger with Providus Bank Limited in what is seen as a potential end to end of months of apprehension over the fate of the lender. The approval came after months of speculation on…

The apex bank, in a statement signed by the Acting Director of Corporate Communications Hakama Sidi Ali, said it has “granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank”. It added that the strategic move was 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 Central Bank of Nigeria , yesterday, extended a financial lifeline to struggling Unity Bank Plc and gave clearance for its planned merger with Providus Bank Limited in what is seen as a potential end to end of months of apprehension over the fate of the lender. The approval came after months of speculation on…

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