Providus and Unity Bank to Start Joint Operations After Merger

Providus Bank Limited and Unity Bank Plc are set to start working together as one company after successfully merging.

This news was shared in a statement on Providus Bank's official X page on Friday.

The bank said this merger will help them serve customers better, support businesses, and make a positive impact on Nigeria's economy.

Their joint operation follows a Supreme Court decision in June that dismissed a lawsuit challenging the merger between Providus Bank and Unity Bank. This ruling ended all legal issues surrounding the merger of the two banks.

The merger process kicked off in August 2024. That is when the Central Bank of Nigeria (CBN) approved the plan for Unity Bank and Providus Bank to combine.

At that time, the CBN explained that this move, supported by financial help, aimed to strengthen the financial system and lower risks.

The CBN added that the merger was linked to financial support to help Unity Bank meet its obligations and ensure the new bank remains stable after the merger.

ProvidusUnity Bank will operate as one united entity, merging Providus Bank and Unity Bank's strengths to create a stronger foundation for customers, communities, and the Nigerian economy, according to the statement.

The bank said this is more than just completing a deal; it is a chance to create a strong, united institution.

They acknowledged the Central Bank of Nigeria, the Securities and Exchange Commission (SEC), and other important players in making the merger happen.

"This reflects a careful step towards building a stronger, united bank that is better equipped to serve customers, support businesses, and help Nigeria's economy grow," the bank said.

"We want to thank the Central Bank of Nigeria for its guidance and support that made this merger possible. We also applaud the CBN for working to strengthen Nigeria's financial system with policies that encourage stability and long-term growth.

"Our gratitude also goes to the Securities and Exchange Commission, our shareholders, customers, employees, and all other stakeholders for their trust, support, and patience during this time," the bank stated.

The lender pointed out that the Providus-Unity Bank merger combines their strengths. This includes Providus Bank's innovation, speed, and customer service.

The merger also includes Unity Bank’s wide reach, experience, and market access built over the years.

"Together, these strengths build a stronger platform to better support individuals, businesses, and communities all over Nigeria," the statement said.

The bank mentioned that the merger will bring stability and improve customer experience as they work on integration.

It also highlighted that this combination will protect employees, acknowledge hard work, and create chances for career growth and personal development.

"In the bigger picture, we believe that stronger financial institutions are key to supporting investment, fostering enterprise, maintaining confidence, and unlocking Nigeria's economic potential.

"ProvidusUnity Bank is ready to help Nigeria achieve its goal of becoming a larger, more productive, and globally competitive economy," the statement said.