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CBN Approves Unity Bank, Providus Bank Merger - Business - Nairaland f43i

CBN Approves Unity Bank, Providus Bank Merger (22769 Views)

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Islie: 7:57pm On Aug 06, 2024
The Central Bank of Nigeria (CBN) has granted approval for a financial accommodation to the proposed merger between Unity Bank Plc and Providus Bank Limited.

A statement by the CBN Acting Director, Corportae Communications, Mrs Sidi Ali Hakama on Tuesday, said, “This strategic move is designed to bolster the stability of Nigeria's financial system and avert potential systemic risks.

The merger is contingent upon the financial from the CBN. The fund will be instrumental in addressing Unity Bank's total obligations to the Central Bank and other stakeholders.

“It is unequivocal to state that the CBN's action is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007. This arrangement is crucial for the financial health and operational stability of the post-merger organisation.

“Furthermore, it is important to emphasise that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated.

“The CBN remains committed to safeguarding depositors' interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.”

“The CBN's decision underscores its dedication to maintaining financial stability and promoting confidence in the banking system during this transformative period,” it added.

https://saharareporters.com/2024/08/06/breaking-nigerias-central-bank-approves-unity-bank-providus-bank-merger#google_vignette

5 Likes 2 Shares

AAAA67: 8:00pm On Aug 06, 2024
That's what is expected.
Don't know why Heritage bank couldn't be rescued.
Till now innocent depositors monies are still nowhere to be found.

24 Likes

kestolove95(m): 8:06pm On Aug 06, 2024
That unity bank wey no dey Eva get network

58 Likes 1 Share

Jogs1900: 8:10pm On Aug 06, 2024
kestolove95:
That unity bank wey no dey Eva get network
Don’t say what you don’t know…Unity bank has one of the best network infrastructure amongst banks in the country…

37 Likes 1 Share

PheelzAlmighty: 9:53pm On Aug 06, 2024
Naija and failure🤝

2 Likes

Melagros(m): 9:54pm On Aug 06, 2024
COMRADES are speechless

Hope customers savings are safe!

5 Likes

HeadNigga: 9:54pm On Aug 06, 2024
The merger may still not save the two banks...the best merger in the banking sector ever was diamond/access...two heavyweights

Some are quoting me saying diamond was weak but let me inform you that diamond brought something huge to the table; lots of customers and strategic branches. To diamond, customers na water at the point of merger

60 Likes 1 Share

Gotocourt: 9:55pm On Aug 06, 2024
OGA cardoso, Tell Tinubu to cancel Naira floating angry

21 Likes

Nairalander248: 9:55pm On Aug 06, 2024
So in Nigeria, when you hear anything like rumours, believe it, coz it will actually happen...

16 Likes

Isokoboy(m): 9:56pm On Aug 06, 2024
i don too over look this unity bank..i ned to open an acct

4 Likes 1 Share

Ttipsy(f): 9:56pm On Aug 06, 2024
kestolove95:
That unity bank wey no dey Eva get network
who told you that??

7 Likes

ogododo: 9:56pm On Aug 06, 2024
usecondom(m): 9:56pm On Aug 06, 2024
My Providus

3 Likes

Ejiakusmith(m): 9:57pm On Aug 06, 2024
If this providuse bank exist no body even know

5 Likes

Almunjid(m): 9:58pm On Aug 06, 2024
Make Unity Bank merge Ooo. Na old people Bank be that. Make pensioners no loose their money.

14 Likes 1 Share

Fairview1(m): 9:58pm On Aug 06, 2024
It's important the CBN remains committed to safeguarding depositors’ interests and ensure smooth functioning of the banking sector through proactive measures and strategic interventions. Up next will be the Education sector. It needs total overhaul.

10 Likes

mmadu4: 9:59pm On Aug 06, 2024
Opay and moniepoint is the future. all these banks are useless

27 Likes

Magnumproperty: 9:59pm On Aug 06, 2024
Waiting for the new name or Unity Bank will be retained.

2 Likes

Theoarhics: 10:01pm On Aug 06, 2024
Useless unity Bank. That bank sabi use ppl as slaves with little pay. One person doing 5 person's job

15 Likes 1 Share

Truvelisback(m): 10:01pm On Aug 06, 2024
Unity don swallow Providus.
Tjra: 10:03pm On Aug 06, 2024
AAAA67:
That's what is expected.
Don't know why Heritage bank couldn't be rescued.
Till now innocent depositors monies are still nowhere to be found.
Nothing to salvage in Heritage.

Bank wey bad loan was over N700Bn. Forget all their painted buildings.

Na piece of junk abeg. A shitty carton.

5 Likes

omowolewa: 10:03pm On Aug 06, 2024
Unity Banks Customer all moved to TAJ Bank.

Providus Bank is too young to swallow Unity Bank, they need Customer Spread and Quick Assets

Unity Bank needs Capital to pull its weights Loan Quality, Asset Quality and Regulatory Requirements.

In these two scenario, there is still a long way to cover towards the Recapitalization, so need to Still Merge or Issue Shares.

Yestogood:


In fact, unity Bank midwifed Jaiz Bank. For the infancy period, Jaiz Bank was located on the 3rd floor of Unity Bank's then head office in Abuja. Staff were given the option to be employed in Jaiz. Both banks use the same banking software and Unity Bank basically created Jaiz bank.
The problem with Unity Bank was they squandered their golden years. The management was largely northerners and they ran the Bank into the ground. It's the influence of the people behind the Bank that is keeping Unity Bank afloat.

Yes Jaiz not TAJ.

5 Likes

Tjra: 10:03pm On Aug 06, 2024
mmadu4:
Opay and moniepoint is the future. all these banks are useless
You Fintech staff too dey like coded ments.

Weldone but as for me oo, I can only use una s for basic transactions and keep max of 100k at a time.

Make only tier 1 banks like GTB, FBN, Zenith, UBA & Access keep the rest.

Feel free to call me rusty old school cry. May we not be unfortunate abeg

33 Likes 1 Share

Adeyinka12(m): 10:04pm On Aug 06, 2024
Following jejely..
Adeyinka12(m): 10:06pm On Aug 06, 2024
Theoarhics:
Useless unity Bank. That bank sabi use ppl as slaves with little pay. One person doing 5 person's job
Wonderful! Please can you elaborate on it further, because I have heard alot about Bank Workers been suffer most

5 Likes

StraightGaay: 10:06pm On Aug 06, 2024
Jogs1900:

Don’t say what you don’t know…Unity bank has one of the best network infrastructure amongst banks in the country…
Lies, I dey use am, Unifi app is the worst thing to happen since APC happened.

7 Likes

Adasun(m): 10:06pm On Aug 06, 2024
Jogs1900:

Don’t say what you don’t know…Unity bank has one of the best network infrastructure amongst banks in the country…
oga rest, he is saying fa truth...Na like saving bank e be for me now
Basicend: 10:06pm On Aug 06, 2024
Hmm. . so apparently, Providus were having liquidity issues and always fronting like one new GTBank-In-The-Making.

Never trust a bank regardless of it's aesthetics. This reminds me of Bank PHB. .

18 Likes

princebabados: 10:07pm On Aug 06, 2024
Oga don't say what u don't know, it's actually the other way round.

Truvelisback:
Unity don swallow Providus.

1 Like

lsoul: 10:07pm On Aug 06, 2024
So CBN can approve merger for unity bank but played politics on heritage Bank. Funny country.witch hunting never ends

2 Likes

Fairview1(m): 10:08pm On Aug 06, 2024
mmadu4:
Opay and moniepoint is the future. all these banks are useless

Then you don't know how bank works. Opay and Moniepoint are only in the tiny area of banking and doesn't the kind of infrastructure needed to run serious banking.

Imagine saying JP Morgan Chase and Wells Fargo are useless simply because Interra and Mabray banks are the future. Laughable

11 Likes

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