The president of the Bank Customers\u2019 Association of Nigeria, Uju Ogunbunka, has said the merger of Providus Bank and Unity Bank will protect depositors and reduce the risk of further banking failures. The remarks follow the banks\u2019 announcement that the combined institution will operate under a new brand, ProvidusUnity Bank.<\/p>\n
In an interview on Monday, Ogunbunka argued that the deal helps customers avoid the disruption that can occur when banks fail or are placed under stress. She said the merger has \u201csaved customers the nightmare of lost deposits,\u201d while also reducing the broader knock-on effects that bank collapses can have on public confidence and capital flows.<\/p>\n
Ogunbunka said the consolidation is a positive step because, without the merger, the country could have faced the collapse of one or both banks\u2014an outcome that would carry consequences for depositors\u2019 funds, trust in Nigeria\u2019s financial system, and investor willingness to allocate capital. \u201cIt is healthy development because if the merger were not done, what we have been discussing is the collapse of one or both of them,\u201d she said. \u201cIt will save the country from another collapsed bank and the implications of lost customers\u2019 deposits, trust in the country\u2019s banking system, and, of course, a decline in portfolio investment in the country.\u201d<\/p>\n
The president of the Bank Customers\u2019 Association of Nigeria, Uju Ogunbunka, has said the merger of Providus Bank and Unity Bank will protect depositors and reduce the risk of further banking failures. The remarks follow the banks\u2019 announcement that the combined institution will operate under a new brand, ProvidusUnity Bank. In an interview on Monday, […]<\/p>\n","protected":false},"author":2,"featured_media":2484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_title":"Nigeria Bank Merger: Customers Back ProvidusUnity Deal","_yoast_wpseo_metadesc":"Nigeria bank customers endorse the Providus\u2013Unity merger, saying the new ProvidusUnity Bank will protect deposits, reduce failure ","mma_seo_breadcrumb_text":"","mma_seo_breadcrumb_url":"","mma_seo_breadcrumb_hide_ui":"","mma_seo_breadcrumb_labels":[],"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2485","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business"],"yoast_head":"\n