Emmanuel ClementÂ
Union Bank of Nigeria has responded to CBN Governor Olayemi Cardoso’s remarks at the 304th Monetary Policy Committee meeting, affirming its stable operations and commitment to regulatory compliance.
The bank’s statement comes after Cardoso explained that institutions under intervention are subject to unique circumstances, necessitating a differentiated approach to recapitalisation
According to the CBN Governor, institutions currently under regulatory oversight are subject to unique circumstances that necessitate a differentiated approach, distinct from those institutions that have had an extended period to prepare for recapitalisation.
This clarification was made in direct response to queries raised by journalists seeking insight into the operational status of banks under intervention.
Union Bank’s Chief Brand and Marketing Officer, Mrs Olufunmilola Aluko, explained that the CBN Governor’s remarks align with Union Bank’s consistent messaging to stakeholders.
She reiterated that Union Bank remains a going concern with stable operations, resilient franchise and uninterrupted service delivery.
âThe Governorâs remarks reinforce what has consistently been our position in all engagements with stakeholders. Union Bank remains under strong regulatory oversight and active supervisory engagement.”
“The Bank is a going concern with a resilient franchise, stable operations and uninterrupted service delivery across all channels.”
“We have maintained, and continue to maintain, that all customer deposits are safe and secure. That position has not changed. ”
“The Bank continues to operate within the established regulatory framework, working transparently and constructively with the Central Bank of Nigeria towards full compliance in line with the applicable structure.âshe said
The bank is working constructively with the Central Bank towards full compliance, as part of a system-wide recapitalisation programme aimed at strengthening Nigeria’s banking sector.
Union Bank will provide updates as regulatory engagements progress while maintaining its commitment to customer protection, financial stability and service continuity.