Unity Financial institution’s proposed enterprise mixture with Providus Financial institution has obtained the go-ahead of shareholders of the 2 monetary establishments, Providus Financial institution stated in an announcement on Friday.
The merger was accredited at a unprecedented normal assembly (EGM) on Friday, carried out following an order by the Federal Excessive Court docket of Lagos, dated 17 July 2025.
“The nod to go forward by the boards and shareholders of the 2 establishments signifies a second of nationwide significance for Nigeria’s banking trade—one which displays resilience, foresight, and collective duty,” the assertion stated.
“This historic transaction isn’t merely about numbers; it’s about confidence within the Nigeria monetary system. By combining Providus Financial institution and Unity Bank, we’re creating an establishment of scale and substance- that can give confidence to prospects, energy to the monetary system and create alternative for our individuals,” it added.
In August, the Central Financial institution of Nigeria granted its consent to the deal, saying the merger relies on the monetary help supplied by the regulator to assist the transaction.
It added that the intervention was mandatory for the monetary well being of the post-merger entity.
Among the many key resolutions sought on the EGM was the approval to mix all of the property, liabilities and undertakings, together with actual properties, and mental property rights of each banks based mostly on agreed phrases and situations.
The certificates of incorporation of Providus Financial institution will function the certificates of the incorporation of the enlarged entity as soon as the merger is accomplished.
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The financial institution stated the shareholders’ vote is a sign to markets, regulators and the broader public that the Nigerian banking trade stays strong and forward-looking
It’s using on the optimism that the enlarged financial institution may have the dimensions to finish, the unfold to serve each a part of the nation and the capability to offer the wanted assist for companies, households and the federal government.
The enterprise mixture is predicted to ship a community of roughly 230 branches throughout Nigeria, with Providus Financial institution assuring that staff’ jobs can be secured.
S & P International expects the continuing recapitalisation of banks in Nigeria to set off a collection of mergers amongst small-tier banks.
Analysts say elevated enterprise mixture actions are prone to be witnessed in the beginning of subsequent yr forward of the March 2026 deadline.
