Uju Ogunbunka, President of the Bank Customers’ Association of Nigeria, has discussed the ramifications of the merging of two Nigerian financial companies, Providus and Unity Banks.
This comes after the two banks announced in a statement on Sunday that they would be rebranding as ProvidusUnity Bank.
Dr. Uju Ogunbunka, president of the Bank Customers’ Association of Nigeria, responded in an exclusive , saying the merger has rescued customers from the nightmare of lost deposits.
According to him, the merger prevented the collapse of two banks and the consequences for their customers.
“It is a positive step because if the merger were not completed, we would be debating the collapse of one or both companies. It would rescue the country from another bank failure and the consequences of lost client deposits, trust in the banking system, and, of course, a drop in portfolio investment in the country.
The development comes just three months after the Central Bank of Nigeria concluded the recapitalisation of 33 Nigerian banks, which raised N4.65 trillion.