Providus Bank and Unity Bank have officially completed their business combination and will now operate as a single financial institution under the name ProvidusUnity Bank, following the conclusion of all regulatory, shareholder and judicial approval processes.
The announcement was made in a statement issued on Sunday, which described the merger as a major milestone in efforts to build a stronger and more resilient banking institution capable of supporting Nigeria’s long-term economic growth.
According to the statement, ProvidusUnity Bank combines Providus Bank’s technology-driven, customer-focused banking model with Unity Bank’s extensive branch network and established presence across the country.
The newly formed institution said the merger creates a stronger platform for delivering retail, small and medium-sized enterprise (SME), and corporate banking services while expanding access to financial services nationwide.
“The development aligns with ongoing reforms in Nigeria’s financial sector aimed at enhancing institutional resilience, safeguarding depositor confidence, improving competitiveness, and building banks capable of driving economic transformation,” the statement read.
The bank expressed appreciation to the Central Bank of Nigeria (CBN) for facilitating the transaction and thanked shareholders, customers, employees and other stakeholders for their continued support throughout the merger process.
According to the bank, the consolidation is expected to strengthen the financial sector’s ability to mobilise investment, support businesses, expand access to credit and contribute to Nigeria’s ambition of building a trillion-dollar economy.
For customers, ProvidusUnity Bank said the merger will deliver broader banking services through an expanded national footprint, improved technology infrastructure and enhanced service delivery across multiple banking channels.
The bank assured customers that there would be no immediate disruption to banking services, adding that access to enhanced products and expanded capabilities will be introduced gradually as the integration process progresses.
It also assured employees that the merger is designed to promote stability and continuity, stressing its commitment to retaining talent, preserving institutional knowledge and creating opportunities for career growth within the newly combined organisation.
The formation of ProvidusUnity Bank marks one of the latest consolidations in Nigeria’s banking sector as financial institutions position themselves to meet higher capital requirements and strengthen their capacity to support economic development.
