CBN approves Providus, Unity Bank merger

The Central Bank of Nigeria has approved the merger between Providus Bank Limited and Unity Bank Plc.

This was announced via a statement issued by the management of the two banks on Tuesday, August 6, 2024.

The banks noted that the 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.

They stated: “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, Providus Bank has consistently pushed the boundaries of technology to deliver cutting-edge financial solutions that cater to the evolving needs of modern consumers.

CBN sells $148m to 29 authorised dealers at N1,470/$

“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.”

Providus and Unity Banks said customers will benefit from an expanded suite of products and services, greater convenience, and improved access to banking solutions across various channels, adding that the integration of the banks’ digital platforms will offer enhanced security, faster transactions, and a more personalised banking experience.

The banks said: 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.”

Providus Bank and Unity Bank, therefore, thanked CBN for its consideration and approval and to their customers, employees, and partners for their support.

The Star