Unity Bank Clarifies Recapitalisation Status, Says Merger with Providus Bank on Track
•By Odume Festus •Research Signal
Click to expand
Unity Bank has responded to recent reports suggesting it has not met the Central Bank of Nigeria's (CBN) recapitalisation requirement, stating that the merger with Providus Bank has put the combined entity well above the required ₦200 billion minimum.
The bank said the CBN-supported merger has received necessary approvals, including a financial accommodation converted to Tier-1 capital, and is awaiting final court sanction to conclude the process before the March 31 deadline.
The bank assured that integration activities are underway and urged reliance on verified information, citing the sensitivity of the transaction.