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CBN approves N700bn bailout for Unity, Providus banks' merger

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The Central Bank of Nigeria (CBN) has approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited.

The Central Bank of Nigeria has approved a financial package of N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited.

According to a CBN letter addressed to the managing director of Unity Bank, dated July 22, 2024, payments of the loan are to be made “semi-annually”, with a principal moratorium of five years.the regulator said the goal of the bailout is to reinforce the stability of the country’s financial system. The CBN said the bailout is a 20-year term loan that is intended to guarantee the merged entity’s operating stability.“The loan is priced at an interest rate of MPR minus 11%, subject to a minimum of 6%,” the letter reads in part.settle the existing obligations of N303.7 billion from the bailout funds.include a N92 billion of First Bank of Nigeria exposure on clearing obligation, N51.

The CBN adjusted the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively. Also, CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

 

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