Shareholders approved Providus and Unity merger, affirming CBN reforms and boosting confidence in Nigeria’s banking sector.
Shareholders and Boards of Directors of Providus Bank and Unity Bank have formally approved the business combination of the two financial institutions, marking what has been described as a significant milestone for Nigeria’s financial system.
In a statement released on Friday, the two institutions announced that shareholders had given their resounding approval to proceed with the merger, following a court-ordered Extraordinary General Meeting (EGM).
The statement read: “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.”
Providus Bank and Unity Bank, in the statement, expressed 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 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,” the banks added.
The statement highlighted that with the merger, 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.
It further noted that “the enlarged bank will immediately rank high among the banks with the most extensive branch networks in Nigeria, with approximately 230 branches nationwide.”
The merger, when completed, will safeguard jobs and protect livelihoods. The institutions emphasised,
“The success of this merger rests not only on systems and balance sheets but on people—and their contribution will be safeguarded and celebrated.”
Commenting on the development, the banks declared, “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 concluded that the merger would “usher in a new chapter: a bank that is bigger in ambition, broader in reach, and stronger in capacity,” equipped with enhanced technology platforms, deeper capital strength, and a commitment to customer service.
