Providus Bank Limited and Unity Bank Plc have announced that they have received approval from the Central Bank of Nigeria (CBN) to merge their operations. The combined entity is expected to become a leading financial institution in Nigeria, offering a comprehensive range of banking services to retail, corporate, and commercial customers.
The merger brings together the strengths of both banks. Unity Bank, with its extensive branch network and strong presence in the agricultural sector, will complement Providus Bank’s innovative digital banking platform and focus on customer growth.
“This merger is a strategic move that will enable us to create a more robust and competitive financial institution. By combining our expertise and resources, we will be able to deliver superior value to our customers and shareholders,” a statement jointly signed by the two banks said.
The statement added: “We are excited about the opportunities this merger presents. Together, we will be able to leverage our combined strengths to drive financial inclusion and support the growth of the Nigerian economy.”
The combined bank will offer customers a wider range of products and services, improved access to banking channels, and enhanced digital experiences. The merger is expected to create significant job opportunities and contribute to economic growth.
The completion of the merger is subject to the approval of the boards of directors of both banks, shareholder approval, and regulatory clearances.