CBN approves Unity Bank and Providus Bank merger to strengthen Nigeria's financial system.

The Central Bank of Nigeria (CBN) has given approval for Unity Bank and Providus Bank to merge, with the aim of strengthening Nigeria's financial system and preventing potential systemic risks. The merger plan is contingent on financial support from the CBN, which will play a crucial role in addressing Unity Bank's total obligations to the Central Bank and other stakeholders. The CBN has also announced an increase in the minimum capital requirements for banks, with commercial banks with international licences required to maintain a capital base of N500 billion, while national and regional banks are required to have capital bases of N200 billion and N50 billion, respectively.

August 06, 2024
35 Articles