Union Bank
Abayomi Susan
Union Bank of Nigeria has reaffirmed its steady and transparent stance amid ongoing regulatory engagements, following media enquiries raised during the 304th Monetary Policy Committee (MPC) press briefing of the Central Bank of Nigeria (CBN).
The clarification follows remarks by CBN Governor Olayemi Cardoso, who addressed the regulatory framework guiding institutions under intervention. He explained the structural and operational considerations shaping the recapitalisation timeline, noting that banks currently under regulatory oversight operate within unique conditions that require a distinct approach compared to institutions that have had more time to prepare for recapitalisation. His comments came in response to journalists’ questions regarding the status of affected institutions.
Reacting to the development, Union Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, stated that the Governor’s remarks are consistent with the Bank’s long-standing communication to stakeholders. She reiterated that Union Bank remains a going concern, maintaining stable operations, a resilient franchise, and uninterrupted service delivery across all channels.
“The Governor’s remarks reaffirm our consistent position in all stakeholder engagements. Union Bank continues to operate under strong regulatory oversight and active supervisory engagement. The Bank remains a going concern with resilient operations and seamless service delivery.
We have consistently assured customers that their deposits are safe and secure, and that position remains unchanged. 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,” she said.
Union Bank added that it is collaborating closely with the apex bank as part of the broader system-wide recapitalisation initiative aimed at strengthening Nigeria’s banking industry. The Bank assured stakeholders that it will provide further updates as engagements progress, while sustaining its commitment to customer protection, financial stability, and uninterrupted service delivery.
