Providus, Unity Banks Shareholders Approve Merger Deal, Buoy Confidence In Banking Reforms

Shareholders of Unity Bank Plc and Providus Bank Limited, on Friday, at separate court-ordered Extraordinary General Meetings (EGM), gave their blessing to a business combination proposal by directors of both financial institutions.

Both banks in a joint statement expressed profound appreciation to the Central Bank of Nigeria (CBN) for its foresight, determination, and commitment to building a stronger financial system by reinforced its vision of a sector anchored on resilience and customer confidence.

The emerging entity, the statement continued, boasts of a solid Capital Adequacy Ratio, scale to compete, reach to serve every part of the federation, and the capacity to support businesses, households, and government at every level.

The enlarged bank is expected to parade a branch network of approximately 230 outlets nationwide, riding on Unity Bank’s loyal customers and proud legacy, and Providus Bank’s reputation for innovation, world-class digital banking platforms, and customer-centric service excellence.

The merger of the institutions, when completed, will not only secures jobs and protects livelihoods, but create 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, strength to the financial system and create opportunity for our people,” the statement added.