By Oluwatosin Ogunjuyigbe
Copyright businessday
Shareholders and boards of directors of Providus Bank and Unity Bank have approved the merger of the two financial institutions.
The approval came at a court-ordered Extraordinary General Meeting (EGM) held on Friday.
In a joint statement, the banks commended the Central Bank of Nigeria (CBN) for its foresight and commitment to building a stronger, more resilient financial system. They said the merger would strengthen confidence in the banking sector and align with the CBN’s vision of a customer-focused industry capable of supporting Nigeria’s transition into a trillion-dollar economy.
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The combined bank will operate about 230 branches nationwide, placing it among lenders with the widest reach. Unity Bank brings decades of legacy service, while Providus Bank contributes innovation, advanced digital platforms, and a customer-centric model.
According to the statement, the merger will create greater scale and capacity to support households, businesses, and government.
On staff welfare, both banks assured that jobs would be protected, new opportunities created, and investments made in talent development.
“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 new entity will prioritise innovation, empathy, and integrity, supported by stronger capital and modern technology platforms. The banks said the merger would serve as both a stabilising force and a catalyst for growth in Nigeria’s financial landscape.
