September 26, (THEWILL) — Shareholders of Providus Bank and Unity Bank on Friday unanimously approved the proposed business combination of the two financial institutions at a court-ordered Extraordinary General Meeting (EGM).
The endorsement by both banks’ boards and shareholders marks a significant milestone for Nigeria’s financial sector, reflecting resilience, foresight, and alignment with the Central Bank of Nigeria’s (CBN) ongoing banking reforms.
In a joint statement, Providus and Unity banks commended the CBN for its role in facilitating the transaction, describing the regulatory support as a demonstration of the apex bank’s commitment to a stronger, more resilient financial system capable of driving economic growth.
Scale, Reach, and Market Impact
The merger will create one of Nigeria’s most extensive banking networks, with about 230 branches nationwide. Providus Bank, known for its innovation and strong digital platforms, will combine with Unity Bank’s wide retail base and legacy of service, producing an enlarged institution with scale, capacity, and nationwide reach.
With a strong capital adequacy ratio, the combined entity will be better positioned to serve households, businesses, and government at all levels, while playing a central role in supporting Nigeria’s aspiration to build a trillion-dollar economy.
Protecting Jobs and Creating Opportunities
The banks assured stakeholders that the merger would safeguard jobs, protect livelihoods, and create new career opportunities. “The success of this merger rests not only on systems and balance sheets but on people—and their contribution will be safeguarded and celebrated,” the statement read.
A Bank for the Future
Describing the deal as “historic,” the banks said the combination would not only strengthen balance sheets but also reinforce customer confidence.
“This 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—one that will inspire customers, strengthen the financial system, and create opportunities for our people,” the statement added.
The merger, once completed, will signal a new chapter for Nigeria’s banking industry—anchored on innovation, integrity, and customer-centric service.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
