September 26, 2025-Published by Cyril
Shareholders of Unity Bank Plc and Providus Bank Limited have officially approved the merger of both institutions, marking the first business combination under Nigeria’s ongoing banking recapitalisation programme.
At the court-ordered extraordinary general meetings, shareholders overwhelmingly voted in favour of the merger scheme, authorising directors to proceed with its final implementation.
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Under the arrangement, all Unity Bank shareholders will either receive N3.18 per share or be allotted 18 Providus Bank shares (50 kobo each) for every 17 Unity Bank shares held.
The merger covers all assets, liabilities, properties, and intellectual property rights of Unity Bank, which will be dissolved without winding up. Following completion, Providus Bank’s certificate of incorporation will serve as that of the new enlarged entity.
In a joint statement, the banks described the approval as a vote of confidence in the Nigerian financial system, aligned with the Central Bank of Nigeria’s (CBN) vision for a stronger, more resilient sector capable of driving the nation’s aspiration to become a trillion-dollar economy.
The merged institution will debut with a capital base strengthened by a CBN-backed N700 billion lifeline loan, a nationwide footprint of about 230 branches, and advanced digital platforms to serve households, businesses, and government agencies.
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The partners highlighted Unity Bank’s legacy of customer loyalty and Providus Bank’s innovative digital services as the foundation for a new institution that will secure jobs, protect livelihoods, and create fresh growth opportunities.
They emphasised that the transaction goes beyond balance sheets, calling it “a statement of confidence in Nigeria’s financial system and a commitment to innovation, stability, and growth.”
With the merger, the enlarged bank is expected to play a pivotal role as both a stabiliser of the financial system and a catalyst for economic expansion.
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