Providus-Unity Bank gives update on operation after merger

Providus Bank and Unity Bank will commence operations as a single unified institution following the successful completion of their merger and the conclusion of all regulatory, shareholder, and judicial approval procemersses.

The merged institution, to be known as ProvidusUnity Bank, said the business combination positions it to strengthen capitalisation, expand its national footprint, deepen financial inclusion and support Nigeria’s long-term economic growth.

In a statement issued on Sunday, the bank said the merger combines Providus Bank’s innovation-driven, customer-centric service model and digital capabilities with Unity Bank’s extensive geographic reach and established market presence.

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According to the statement, the combination creates a stronger platform for retail, small and medium-scale enterprise (SME), and corporate banking services across the country.

The bank noted that the merger aligns with ongoing reforms in Nigeria’s financial sector aimed at strengthening institutional resilience, protecting depositors’ confidence, improving competitiveness and building stronger banks capable of supporting economic transformation.

ProvidusUnity Bank expressed appreciation to the Central Bank of Nigeria (CBN) for facilitating the transaction and reaffirming its commitment to strengthening the country’s banking system.

The institution also thanked its shareholders, customers, employees, and other stakeholders for their support throughout the merger process.

It stated that the merger would enhance the banking sector’s capacity to mobilise investment, support enterprise development, expand access to credit, and contribute to Nigeria’s aspiration of building a trillion-dollar economy.

For customers, the bank said the integration would provide expanded access to banking services, improved service delivery, enhanced technology infrastructure, broader banking channels and a wider national footprint that would improve efficiency and consistency.

It assured customers of uninterrupted banking services during the transition, noting that enhanced products and expanded capabilities would be introduced gradually over time.

The bank also assured employees that the merger represents continuity, opportunity and stability, adding that it remains committed to retaining talent, preserving institutional knowledge and supporting career development within the new organisationw.