Union Bank Reaffirms Stability, Aligns With CBN Governor Cardoso’s Remarks On Recapitalisation
By Rashidat Olushola Okunlade
Union Bank of Nigeria has reassured stakeholders of its stability and ongoing regulatory compliance following recent remarks made by Olayemi Cardoso at the 304th Monetary Policy Committee (MPC) press briefing of the Central Bank of Nigeria.
The bank issued the clarification in response to media inquiries surrounding the Governor’s comments on the regulatory framework guiding financial institutions currently under intervention, particularly as it relates to the ongoing recapitalisation process.
During the briefing, Cardoso highlighted that banks under regulatory oversight operate within unique structural conditions, which require a tailored approach different from institutions that have had more time to prepare for recapitalisation.
His comments came while addressing questions from journalists seeking clarity on the status and operational outlook 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 longstanding position in its engagements with stakeholders.
Aluko reaffirmed that Union Bank remains a going concern with stable operations, a resilient franchise, and uninterrupted service delivery across all its channels.
She also emphasized that the bank continues to operate under strong regulatory supervision and maintains active engagement with the apex bank.
Aluko further assured customers that all deposits remain safe and secure, stressing that the bank’s commitment to transparency and compliance within the regulatory framework remains unwavering.
Union Bank added that it is working closely and constructively with the Central Bank of Nigeria towards achieving full compliance under the ongoing system-wide recapitalisation programme aimed at strengthening Nigeria’s banking sector.
The bank reiterated its commitment to providing timely updates as regulatory engagements progress, while continuing to prioritise customer protection, financial stability, and seamless service delivery.
