Shareholders and boards of directors of Providus Bank and Unity Bank have approved the merger of the two financial institutions. The decision was reached at a court-ordered Extraordinary General Meeting (EGM) held on Friday.
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Support from the CBN
In a joint statement, both banks commended the Central Bank of Nigeria (CBN) for its role in facilitating the process. They noted that the approval aligns with the regulator’s vision of a customer-focused banking sector capable of supporting Nigeria’s ambition to become a trillion-dollar economy.
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Nationwide reach
The merged institution will operate about 230 branches across the country, giving it one of the widest networks in the industry. Unity Bank brings its long-standing history of service, while Providus Bank adds digital platforms and a customer-focused approach.
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Capacity for growth
According to the statement, the merger will provide the scale and resources to better support households, businesses, and government institutions. “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 banks said.
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Staff and technology
Both banks assured employees that jobs would be safeguarded, with new opportunities created through investment in talent development. The new entity will place emphasis on innovation, integrity, and technology, positioning itself as a stabilising force in Nigeria’s financial landscape.
