Providus, Unity Bank to begin joint operations after merger

Providus Bank Limited and Unity Bank Plc have announced plans to commence operations as a single entity following the successful merger of the two financial institutions.

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The development was disclosed in a statement posted on Providus Bank’s official X handle on Friday.

The bank noted that the successful merger will position the institution to better serve customers, support businesses and contribute meaningfully to Nigeria’s economic growth.

Their joint operation came after the Supreme Court, earlier in June, dismissed a suit challenging the merger between Providus Bank Limited and Unity Bank Plc, bringing an end to legal disputes over the consolidation of the two financial institutions.

The merger process began in August 2024, when the Central Bank of Nigeria (CBN) approved the proposed combination of Unity Bank and Providus Bank.

The CBN said at the time that the intervention, backed by financial support arrangements, was aimed at strengthening the financial system and reducing systemic risk.

The apex bank explained that the merger was tied to financial assistance meant to help Unity Bank meet its obligations and ensure the stability of the post-merger institution.

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Joint operation

ProvidusUnity Bank will commence operations as one unified institution, combining the strengths of Providus Bank and Unity Bank to create a stronger platform for customers, communities and the Nigerian economy, the statement noted.

The bank said the development represents more than the completion of a transaction; it is an opportunity to build a resilient, unified institution.

The bank acknowledged the efforts of the CBN, the Securities and Exchange Commission (SEC) and other stakeholders in the merger process.

“It reflects a deliberate step towards building a stronger, more resilient unified institution, better positioned to serve customers, support businesses and contribute meaningfully to Nigeria’s economic growth.

“We would like to express our utmost appreciation to the Central Bank of Nigeria (CBN) for its guidance and support, which made this business combination possible. We also commend the CBN for its commitment to strengthening the Nigerian financial system through policies that promote stability and long-term growth.

“We are also grateful to the Securities and Exchange Commission (SEC), our shareholders, customers, employees and other stakeholders for their confidence, support and patience throughout this process,” the bank stated.

According to the lender, the Providus–Unity Bank combination brings together complementary strengths, including Providus Bank’s innovation, agility and service culture.

READ ALSO: Supreme Court upholds Providus, Unity banks’ merger

It said the merger also leverages Unity Bank’s extensive reach, experience and broad market access built over the years.

“Together, these capabilities create a stronger platform with greater capacity to support individuals, businesses and communities across Nigeria,” the statement read.

The bank said the merger would ensure stability and deliver an improved customer experience as integration activities continue.

It added that the combination would also protect employees, recognise and reward excellence, and create opportunities for career growth and personal development.

“More broadly, we believe stronger financial institutions have an important role to play in supporting investment, enabling enterprise, preserving confidence and helping unlock Nigeria’s economic potential.

“ProvidusUnity Bank intends to play its part in supporting the country’s ambition of building a larger, more productive and globally competitive economy,” the statement stated.