Shareholders, Board Approve Providus-Unity Banks Merger

Shareholders and boards of Providus Bank and Unity Bank, connected Friday, gave the motion for a concern operation of the 2 lenders, paving the mode for the instauration of a stronger instauration with wider scope and deeper capacity.

The approval, which came astatine a court-ordered Extraordinary General Meeting (EGM), is the 2nd merger finalised arsenic banks strived to conscionable the caller superior request of the Central Bank of Nigeria’s (CBN) ongoing banking assemblage reforms aimed astatine strengthening the fiscal system.

In a associated statement, the 2 banks commended the CBN for providing the regulatory enactment that made the transaction possible. “Providus Bank and Unity Bank privation to explicit profound appreciation to the Central Bank of Nigeria (CBN) for its foresight, determination, and committedness to gathering a stronger fiscal system. CBN, by enabling this transaction, has reinforced its imaginativeness of a assemblage anchored connected resilience and lawsuit confidence.

“This regulatory enactment is not lone shaping healthier banks, but besides inspiring the assurance of businesses, investors, and mundane Nigerians that our fiscal strategy is acceptable to service arsenic a cornerstone for sustainable growth.”

With the merger, the caller entity volition run 1 of the largest subdivision networks successful the country, with astir 230 branches. Unity Bank brings its nationwide dispersed and legacy, portion Providus Bank contributes its estimation for innovation, beardown integer platforms, and customer-focused services.

Noting that the merger would safeguard jobs and support livelihoods portion creating caller opportunities successful a stronger institution, the banks assured that it would besides “usher successful a caller chapter: a slope that is bigger successful ambition, broader successful reach, and stronger successful capacity. It volition embody the values of innovation, empathetic narration management, lawsuit focus, and integrity.

“With enhanced exertion platforms, deeper superior strength, and a committedness to lawsuit service, the enlarged slope volition basal arsenic some a guardian of stableness and a catalyst for maturation successful Nigeria’s travel toward a trillion-dollar economy.”