Union Bank of Nigeria has reaffirmed its operational stability and regulatory compliance following recent comments by the Governor of the Central Bank of Nigeria (CBN) at the apex bank’s 304th Monetary Policy Committee (MPC) press briefing.
The clarification by CBN Governor, Olayemi Cardoso, addressed the regulatory framework guiding financial institutions currently under intervention, particularly in relation to the ongoing sector-wide recapitalisation programme.
Responding to media enquiries, the Governor noted that institutions under regulatory oversight operate within distinct structural and supervisory parameters, requiring a differentiated approach from banks that have had longer timelines to prepare for recapitalisation.
In reaction, Union Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko, stated that the Governor’s remarks are consistent with the bank’s longstanding position.
She affirmed that Union Bank remains a going concern with stable operations, a resilient franchise and uninterrupted service delivery across all channels. She further assured customers and stakeholders that all deposits remain safe and secure.
According to the bank, it continues to operate within the established regulatory framework and is engaging transparently and constructively with the CBN towards full compliance under the applicable structure.
Union Bank added that it will provide further updates as regulatory engagements progress, reiterating its commitment to customer protection, financial stability and seamless service continuity.
