The Central Bank of Nigeria (CBN) has approved financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited.
This was disclosed in a statement signed by the CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.
It read: “The Central Bank of Nigeria (CBN) has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. This strategic move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks.”
In the statement, the CBN noted that the merger is contingent upon this financial support, which is essential for the financial health and operational stability of the post-merger organization.
However, the apex bank failed to disclose the amount of financial support approved for the merger.4
