Providus Bank and Unity Bank have secured shareholder approval to merge, creating one of the most significant consolidations in Nigeria’s banking sector in recent years.
The decision followed a court-ordered Extraordinary General Meeting (EGM) held on Friday, where boards and shareholders of both banks gave their consent.
The approval represents a major step toward building a larger, more competitive financial institution in line with Nigeria’s ongoing banking reforms.
In a joint statement, the two banks expressed appreciation to the Central Bank of Nigeria (CBN) for backing the transaction, describing it as a critical step in strengthening the financial system.
According to the statement, the apex bank’s role underscores its commitment to building a resilient sector that inspires confidence among investors, businesses, and ordinary Nigerians.
When completed, the merged institution will debut with an extensive network of about 230 branches nationwide, immediately ranking it among the most expansive banks in Nigeria.
Both banks emphasised that the transaction is not merely about balance sheets, but about people and livelihoods.
The merger is expected to safeguard jobs, protect employee welfare, and create new career opportunities in a larger, stronger institution.
“Employees across both banks will be empowered to contribute to a future-oriented, high-performance organisation,” the statement added.
The new bank will combine Providus Bank’s reputation for innovation with Unity Bank’s national reach, offering customers improved services backed by enhanced capital strength and technology.
Management of both lenders positions the deal as part of Nigeria’s broader ambition to build banks that can play a catalytic role in achieving a trillion-dollar economy.
With approvals from shareholders now secured, the focus shifts to securing regulatory clearance and completing operational integration in the months ahead.
As of 2024, Unity Bank reported total assets of about N414 billion (unaudited) and customer deposits of N402 billion. Its market capitalization was N19.4 billion before suspension.
A Federal High Court order issued earlier this month by Justice D.I. Dipeolu directs Unity Bank to convene a shareholder meeting on September 26, 2025, to vote on the proposed merger with Providus Bank.