Shareholders Endorse Providus–Unity Business Combination, Signaling Confidence in CBN’s Banking Reforms
Shareholders and boards of Providus Bank and Unity Bank have overwhelmingly approved a business combination of the two institutions at a court-ordered Extraordinary General Meeting on Friday, marking a significant moment for Nigeria’s banking sector.
In a joint statement, both banks expressed deep appreciation to the Central Bank of Nigeria (CBN) for its foresight, determination and steadfast support of a stronger financial system. They noted that the regulator’s backing of this transaction underscores its commitment to resilience, stability, 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,” the statement noted.
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, the statement said, 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.”
The merged institution will launch with a solid capital base, a nationwide footprint of approximately 230 branches, and the capacity to serve businesses, households, and government agencies across the country. Unity Bank brings a proud legacy of faithful service to customers, while Providus adds a reputation for innovation and excellent digital banking platforms, creating a combined bank capable of competing at the highest level.
“The enlarged bank will provide the backbone for businesses to thrive and communities to prosper”, the statement assured.
It also noted that the merger of the two institutions, when completed, would secure jobs, protect livelihoods, and create 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.
In addition, the 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.
