Union Bank of Nigeria has reassured customers and stakeholders of its stability and continued operations following remarks made by Olayemi Cardoso during the 304th Monetary Policy Committee (MPC) press briefing of the Central Bank of Nigeria.
In a statement issued in response to media queries, the bank affirmed its position amid ongoing regulatory engagements, emphasizing that it remains a going concern with resilient operations and uninterrupted service delivery.
Cardoso, while addressing journalists at the MPC briefing, clarified the regulatory framework guiding institutions currently under intervention. He explained that such institutions operate under unique structural and operational circumstances, requiring a differentiated approach compared to banks that have had extended time to prepare for recapitalisation.
Reacting to the Governor’s comments, Union Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, said the remarks align with the bank’s consistent communication to stakeholders.
She stated that Union Bank remains under strong regulatory oversight and active supervisory engagement, stressing that its franchise remains resilient and stable across all service channels.
Aluko further assured customers that their deposits remain safe and secure, reiterating the bank’s commitment to transparency and constructive engagement with the apex bank.
“The Governor’s 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,” she said.
She added that the bank continues to operate within the established regulatory framework and is working towards full compliance in line with the applicable structure under the ongoing system-wide recapitalisation programme aimed at strengthening Nigeria’s banking sector.
Union Bank pledged to provide further updates as regulatory engagements progress, maintaining its commitment to customer protection, financial stability and continuous service delivery.
