Merger contingent on CBN’s financial support
The Central Bank of Nigeria (CBN) has approved the framework for a merger between Providus Bank Limited and Unity Bank Plc. This development marks a significant milestone for both institutions as they aim to create a leading financial entity within the industry, combining strengths in retail, corporate, commercial, and digital banking.
Unity Bank Plc, established over 18 years ago, boasts a robust retail banking network with more than 220 branches across Nigeria. Known for its strong presence in the agricultural sector, Unity Bank has earned the trust of millions of customers through exceptional service and a comprehensive range of financial products.
Providus Bank Limited is recognized for its innovative approach to banking, particularly in the digital space. As a new-generation bank, ProvidusBank has focused on delivering advanced financial solutions to meet the needs of modern consumers, providing high-quality service and a strong digital footprint.
The merger aims to leverage Unity Bank’s extensive branch network and customer relationships alongside Providus’s technological expertise. This union is expected to offer customers an expanded range of products and services, enhanced convenience, and improved access to banking solutions. The integration of digital platforms will provide greater security, faster transactions, and a more personalized banking experience.
- Advertisement -
Both banks emphasize their commitment to maintaining high standards of corporate governance, financial stability, and customer satisfaction throughout the merger process. The merger’s completion remains subject to final approvals from the boards of both banks, their shareholders, and other relevant regulatory bodies.
Management from both Providus Bank Ltd and Unity Bank Plc expressed gratitude to the CBN for its approval and to their customers, employees, and partners for their support. The merger is seen as the beginning of a promising new chapter for both banks, with the potential to drive innovation and growth in the Nigerian banking sector.