Rising from a court-ordered Extraordinary General Meeting (EGM) on Friday, the shareholders and Boards of Directors of Providus Bank and Unity Bank have given their resounding approval to proceed with the business combination of the two financial institutions.
The nod to go ahead by the boards and shareholders of the two institutions signifies a moment of national significance for Nigeria’s banking industry—one that reflects resilience, foresight, and collective responsibility.
In a statement made available to the press, Providus Bank and Unity Bank also 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.
Strengthening Confidence in the Financial System
The vote is also a signal to the markets, to regulators, and to the wider public that Nigeria’s banking sector remains robust and forward-looking. In affirming this merger, shareholders have helped to reinforce the confidence that underpins economic stability. It is a statement that Nigerian banks are prepared to adapt, consolidate, and grow in line with the Central Bank of Nigeria’s vision of a stronger and more resilient financial system—and ultimately, its aspiration to support Nigeria’s transition into a trillion-dollar economy.
Scale, Reach, and Capacity
With a starting solid Capital Adequacy Ratio, the emerging entity will have the scale to compete, the reach to serve every part of the federation, and the capacity to support businesses, households, and government at every level.
The enlarged bank will immediately rank high among the banks with the most extensive branch networks in Nigeria, with approximately 230 branches nationwide. Unity Bank has served its customers faithfully with a proud legacy, while Providus Bank has earned a reputation for innovation, world-class digital banking platforms, and customer-centric service excellence. The enlarged bank will provide the backbone for businesses to thrive and communities to prosper.
Safeguarding Jobs, Investing in People
The merger of the two institutions when completed secures jobs, protects livelihoods, and creates 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.
A Bank for the Future
This merger ushers 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.
