CBN Approves Providus Bank and Unity Bank Merger

CBN has approved the Providus Bank and Unity Bank merger.

Newsone Nigeria reports that the Central Bank of Nigeria (CBN) led by Olayemi Cardoso, has approved the framework for the merger between Providus Bank Limited and Unity Bank Plc, marking a significant milestone in the evolution of our respective institutions.

This online news platform understands that was disclosed in a joint press statement by Providus Bank Limited and Unity Bank Plc on Tuesday, August 6, 2024, and sent to Newsone Nigeria.

The statement reads thus; “We are pleased to announce that the Central Bank of Nigeria has approved the framework for the merger between Providus Bank Limited and Unity Bank Plc, marking a significant milestone in the evolution of our respective institutions. 

“This proposed merger represents a strategic and complementary union that will leverage the strengths of both banks to create a leading financial institution in the industry with footprints in retail, corporate, commercial, and digital banking.

“Unity Bank Plc, with its rich legacy of over 18 years, has established a robust retail banking network, comprising more than 220 branches nationwide. With a strategic niche in the agricultural business, our commitment to delivering exceptional customer service and a comprehensive range of financial products has earned us the trust and loyalty of millions of customers.

“Providus Bank Limited, on the other hand, is renowned for its innovative approach to banking, boasting a strong digital footprint, innovative products, high quality service culture and strong focus on helping customers grow. As a fast-growing new-generation bank, ProvidusBank has consistently pushed the boundaries of technology to deliver cutting-edge financial solutions that cater to the evolving needs of modern consumers.

“The combination is driven by a shared vision to provide an unparalleled banking experience to our customers. By combining Unity Bank’s extensive branch network and deep-rooted customer relationships with Providus’s digital prowess and innovative spirit, we aim to deliver a seamless blend of traditional and modern banking services.

“Our customers will benefit from an expanded suite of products and services, greater convenience, and improved access to banking solutions across various channels. The integration of our digital platforms will offer enhanced security, faster transactions, and a more personalized banking experience.

“As we embark on this journey together, we remain committed to maintaining the highest standards of corporate governance, financial stability, and customer satisfaction. Our united team of dedicated professionals will work tirelessly to ensure a smooth transition and continued tradition of excellence in all our operations.

“This combination signifies the beginning of a new chapter in our shared history, one that is filled with promise and potential. We are confident that the combined strength of both entities will create a formidable force in the banking sector, driving innovation, growth, and prosperity for our customers, employees, and stakeholders.

“We extend our heartfelt gratitude to the Central Bank of Nigeria for their consideration and approval and to our customers, employees, and partners for their unwavering support.

“Completing the proposed merger is subject to the final approvals of the respective Boards, shareholders, and relevant regulatory approvals,” the statement added.