Aug, 7 2024
CBN Sanctions Providus Bank's Acquisition of Unity Bank with N700bn Loan Support
The Central Bank of Nigeria has sanctioned Providus Bank's acquisition of Unity Bank with an N700 billion loan. The asset split gives 80% to Providus and 20% to Unity Bank. The loan is a 20-year term at the MPR minus 11%, subject to a minimum of 6%, with payments semi-annually and a 5-year moratorium on the principal. The merger aims to stabilize Nigeria's financial system and avert systemic risks.
