Shareholders and Boards of Directors of Providus Bank and Unity Bank have approved the merger of the two institutions, giving their nod at a court-ordered Extraordinary General Meeting (EGM) held on Friday.
In a joint statement, the two banks commended the Central Bank of Nigeria (CBN) for its foresight and commitment to building a stronger and more resilient financial system, stressing that the merger would reinforce confidence in the banking industry and align with the apex bank’s vision of a sector that is customer-focused and capable of supporting Nigeria’s transition into a trillion-dollar economy.
The enlarged bank, with a solid capital adequacy ratio, will operate about 230 branches nationwide, ranking it among the institutions with the widest reach in the country. While Unity Bank brings decades of legacy service, Providus Bank will contribute innovation, advanced digital platforms, and customer-centric service delivery.
According to the statement, the merger would deliver greater scale, wider reach, and improved capacity to support households, businesses, and government. On jobs and staff welfare, both banks assured that the combination would protect existing employment, create new opportunities, and invest in people as part of a strategy to position the new entity as a bank for the future.
“This historic transaction is not simply about numbers; it is about confidence in the Nigerian financial system. By combining Providus Bank and Unity Bank, we are creating an institution of scale and substance that will give confidence to customers, strength to the financial system and opportunity for our people,” the statement read.
The banks further noted that the new entity would prioritise innovation, empathy, and integrity, backed by stronger capital and modern technology platforms, adding that the merger would serve as both a stabilising force and a catalyst for growth in Nigeria’s financial landscape.
