Shareholders endorse Providus–Unity merger to boost confidence in banking reforms

*The shareholders and Boards of Directors of Providus Bank and Unity Bank express profound appreciation to the Central Bank of Nigeria for its foresight, determination, and commitment to building a stronger financial system in the country

Isola Moses | ConsumerConnect

Following a court-ordered Extraordinary General Meeting (EGM) Friday, September 26, 2025, the shareholders and Boards of Directors of Providus Bank and Unity Bank have given an approval to proceed with the business combination of the two financial institutions.

Providus Bank and Unity Bank, in a statement, noted that the nod to go ahead by the Boards of the two financial institutions, and shareholders of the two institutions signified a moment of national significance for Nigeria’s banking industry—one that reflects resilience, foresight, and collective responsibility.

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They also expressed profound appreciation to the Central Bank of Nigeria (CBN) for its foresight, determination, and commitment to building a stronger financial system.

They said the CBN, by enabling this transaction, had reinforced its vision of a sector anchored on resilience and customer confidence.

The banks further affirmed that the 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.

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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, the banks averred.

The statement also noted: “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.”

‘A bank for the future’

Both Providus and Unity Banks aver that their 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.”

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