- The Central Bank of Nigeria approved the recent merger of Unity Bank and Providus Bank with N700 billion loan to support the new organisation
- The new bank will have 243 branches across Nigeria after adding the 23 branches of Providus Bank and the 220 branches of Unity Bank
- It was claimed that a sizeable amount of the support—N303.7 billion—will be used to settle its N92 billion debt to First Bank of Nigeria
Unity Bank and Providus Bank merged recently, with approval from the Central Bank of Nigeria (CBN) subject to a N700 billion loan to support the newly formed financial organisation.
As per the CBN circular, the financial assistance is needed to fortify the stability of Nigeria’s financial system and avert certain systemic hazards.
