The merging of Providus Bank and Unity Bank have been approved by the shareholders and Board of Directors of the two institutions.
The approval was given at a court-ordered Extraordinary General Meeting (EGM) held on Friday.
In a joint statement, the two banks commended the Central Bank of Nigeria (CBN) for its foresight and commitment to building a stronger and more resilient financial system.
They said the merger would reinforce confidence in the banking industry and align with the CBN’s vision of a sector that is customer-focused and capable of supporting Nigeria’s transition into a trillion-dollar economy.
The enlarged bank, with a solid capital adequacy ratio, will operate about 230 branches nationwide, ranking it among institutions with the widest reach in the country.
While Unity Bank brings decades of legacy service, Providus Bank will contribute innovation, advanced digital platforms, and customer-centric service delivery.
According to the statement, the merger will deliver greater scale, reach, and capacity to support households, businesses, and government.
On jobs and staff welfare, both banks assured that the combination would protect existing employment, create new opportunities, and invest in people as part of plans to position the institution as a bank for the future.
“This historic transaction 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 that will give confidence to customers, strength to the financial system and opportunity for our people,” the statement read.
The banks added that the new entity would prioritise innovation, empathy, and integrity, supported by stronger capital and modern technology platforms.