Rising from a court-ordered Extraordinary General Meeting (EGM), the shareholders and Boards of Directors of Providus Bank and Unity Bank have approved the business combination of the two financial institutions.
The boards and shareholders of the two institutions’ nod to proceed signifies a moment of national significance for Nigeria’s banking industry, reflecting resilience, foresight, and collective responsibility.
Providus Bank and Unity Bank, in a joint statement, expressed appreciation to the Central Bank of Nigeria (CBN) for its foresight, determination, and commitment to building a stronger financial system.
The CBN, by enabling this transaction, has reinforced its vision of a sector anchored on resilience and customer confidence. This regulatory support is shaping healthier banks and inspiring the trust of businesses, investors, and everyday Nigerians that our financial system is ready to serve as a cornerstone for sustainable growth.
The vote is also a signal to the markets, to regulators, and to the wider public that Nigeria’s banking sector remains robust and forward-looking. In affirming this merger, shareholders have helped to reinforce the confidence that underpins economic stability.
“With a starting solid Capital Adequacy Ratio, the emerging entity will have the scale to compete, the reach to serve every part of the federation, and the capacity to support businesses, households, and government at every level.
“The enlarged bank will immediately rank high among the banks with the most extensive branch networks in Nigeria, with approximately 230 branches nationwide. Unity Bank has served its customers faithfully with a proud legacy, while Providus Bank has earned a reputation for innovation, world-class digital banking platforms, and customer-centric service excellence. The enlarged bank will provide the backbone for thriving businesses and communities to prosper.
They added that “the merger of the two institutions when completed secures jobs, protects livelihoods, and creates new opportunities within a bigger, stronger, and future-oriented institution.
The success of this merger rests not only on systems and balance sheets but on people and their contribution will be safeguarded and celebrated.
“This historic transaction is not simply about numbers; it is about confidence in the Nigeria financial system. By combining Providus Bank and Unity Bank, we are creating an institution of scale and substance that will give confidence to customers, strengthen the financial system, and create opportunities for our people.”
It pointed out that “with enhanced technology platforms, deeper capital strength, and a commitment to customer service, the enlarged bank will stand as both a guardian of stability and a catalyst for growth in Nigeria’s journey toward a trillion-dollar economy.”
