Following a court-mandated Extraordinary General Meeting (EGM), the shareholders and Boards of Directors of Providus Bank and Unity Bank have officially sanctioned the merger of the two financial entities.
This approval marks a pivotal moment for Nigeria’s banking sector, showcasing a blend of strategic vision, resilience, and shared accountability among key stakeholders.
In a joint declaration, Providus Bank and Unity Bank extended their gratitude to the Central Bank of Nigeria (CBN) for its proactive leadership, unwavering dedication, and strategic support in fostering a more robust financial ecosystem.
By facilitating this merger, the CBN has underscored its commitment to cultivating a banking environment characterized by stability and enhanced customer trust. This regulatory endorsement is instrumental in nurturing stronger financial institutions and bolstering the confidence of businesses, investors, and everyday Nigerians in the country’s economic foundation.
The decision also sends a clear message to market participants, regulatory bodies, and the general public that Nigeria’s banking industry remains resilient and progressive. Shareholders’ endorsement of this union reinforces the trust essential for maintaining economic equilibrium.
“With a solid Capital Adequacy Ratio from the outset, the newly formed bank will possess the scale to compete effectively, the reach to serve communities across all regions, and the capacity to support enterprises, families, and government entities at every level.
“The merged institution will instantly rank among the top banks in Nigeria in terms of branch network, boasting nearly 230 branches nationwide. While Unity Bank has built a legacy of dependable service, Providus Bank is recognized for its cutting-edge digital banking solutions and customer-focused excellence. Together, they will form a foundation that empowers businesses and communities to flourish.
They emphasized that “this merger not only safeguards existing jobs and livelihoods but also opens doors to new prospects within a larger, more resilient, and future-ready organization.
The success of this integration hinges not just on financial metrics and infrastructure but fundamentally on the people whose contributions will be honored and preserved.
“This landmark merger transcends mere figures; it embodies a renewed confidence in Nigeria’s financial landscape. By uniting Providus Bank and Unity Bank, we are establishing a formidable institution that will inspire customer trust, fortify the banking sector, and generate opportunities for all Nigerians.”
They further highlighted that “equipped with advanced technological platforms, stronger capital foundations, and a steadfast dedication to customer service, the expanded bank will serve as both a pillar of stability and a driver of economic growth as Nigeria advances toward becoming a trillion-dollar economy.”
