304th CBN/MPC Meeting

 Union Bank Reacts To CBN Cardoso’s Remarks With Calm Assurance

              

Union Bank of Nigeria has issued a statement in response to a recent media briefing queries at the Central Bank of Nigeria's (CBN) 304th Monetary Policy Committee (MPC) meeting; reaffirming its steadfast position in the course of ongoing regulatory engagements.

The bank's affirmation comes in the wake of Governor Olayemi Cardoso's clarification on the regulatory framework governing institutions under intervention while speaking on the complexities and structural considerations influencing the recapitalisation timeline.

CBN Governor Cardoso had said 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.

 The 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 aligned with Union Bank's consistent messaging to stakeholders reiterating that Union Bank remains a going concern with stable operations, resilient franchise and uninterrupted service delivery. 

Aluko explained that the apex bank Governor’s remarks reinforces what has consistently been Union Bank's position in all engagements with stakeholders; noting that 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."

She noted that the bank has maintained and continued to maintain that all customer deposits are safe and secure, noting that the position has not changed. 

The Chief Brand and Marketing Officer, said the bank has continued 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.

Mrs Aluko added that Union Bank is working constructively with the Central Bank of Nigeria towards full compliance, as part of a system-wide recapitalisation programme aimed at strengthening Nigeria's banking sector.

 She assured that Union Bank would provide updates as regulatory engagements progress while maintaining its commitment to customer protection, financial stability and service continuity.