Shareholders and boards of Providus Bank and Unity Bank, on Friday, gave the nod for a business combination of the two lenders, paving the way for the creation of a stronger institution with wider reach and deeper capacity.
The approval, which came at a court-ordered Extraordinary General Meeting (EGM), is the second merger finalised as banks strived to meet the new capital requirement of the Central Bank of Nigeria’s (CBN) ongoing banking sector reforms aimed at strengthening the financial system.
In a joint statement, the two banks commended the CBN for providing the regulatory support that made the transaction possible. “Providus Bank and Unity Bank wish to express profound appreciation to the Central Bank of Nigeria (CBN) for its foresight, determination, and commitment to building a stronger financial system. CBN, by enabling this transaction, has reinforced its vision of a sector anchored on resilience and customer confidence.
“This regulatory support is not only shaping healthier banks, but also inspiring the confidence of businesses, investors, and everyday Nigerians that our financial system is ready to serve as a cornerstone for sustainable growth.”
With the merger, the new entity will operate one of the largest branch networks in the country, with about 230 branches. Unity Bank brings its nationwide spread and legacy, while Providus Bank contributes its reputation for innovation, strong digital platforms, and customer-focused services.
Noting that the merger would safeguard jobs and protect livelihoods while creating new opportunities in a stronger institution, the banks assured that it would also “usher in a new chapter: a bank that is bigger in ambition, broader in reach, and stronger in capacity. It will embody the values of innovation, empathetic relationship management, customer focus, and integrity.
“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.”
