Unity Bank Plc has stated that its planned merger with Providus Bank Limited is proceeding as scheduled, despite recent speculation suggesting otherwise.
In a statement released on Wednesday, the bank disclosed that it has secured the required approvals from the Central Bank of Nigeria and the Securities and Exchange Commission. It added that the merger process has also received court sanction and shareholder consent.
Unity Bank explained that the approvals form part of regulatory compliance measures aimed at meeting the recapitalisation directives issued by the apex bank.
The clarification follows reports alleging that the merger had been delayed due to insider loan obligations linked to some directors. The bank, however, reiterated that the consolidation process remains firmly on course.
