Shareholders of Providus Bank and Unity Bank have endorsed the business combination of the two financial institutions, marking a significant step in Nigeria’s ongoing banking reforms. The approval came at a court-ordered Extraordinary General Meeting held on Friday, where both boards of directors also voted in favour of the transaction.

The decision signals renewed confidence in the Central Bank of Nigeria’s efforts to create a more resilient financial sector. In a joint statement, the two banks commended the CBN for its vision and commitment to strengthening the industry. According to them, the regulatory support behind the transaction underscores the apex bank’s determination to build a system anchored on stability, trust, and sustainable growth.

Scale and Reach for a New Era

Once completed, the combined institution will rank among Nigeria’s leading banks by scale and branch network. With about 230 branches nationwide, the new entity will have the capacity to reach customers across every part of the federation. Unity Bank brings a legacy of loyalty to its customer base, while Providus Bank contributes its strong reputation for innovation, digital banking, and service excellence. Together, they aim to deliver broader access to financial services, supporting households, businesses, and government institutions.

The enlarged bank enters this new chapter with a strong Capital Adequacy Ratio, positioning it to compete more effectively in a challenging economic environment. The combination is also designed to safeguard jobs, protect livelihoods, and create new career opportunities for staff. By consolidating expertise and resources, the institution expects to enhance customer service while driving innovation across its platforms.

The statement from both banks described the merger as more than a financial arrangement. “This historic transaction is not simply about numbers; it is about confidence in the Nigerian financial system. By combining Providus Bank and Unity Bank, we are creating an institution of scale and substance that will give confidence to customers, strength to the financial system and create opportunity for our people.”

Industry observers view the merger as timely, aligning with the Central Bank’s wider aspiration of building a trillion-dollar Nigerian economy. By combining stronger capital with deeper technology investments, the new entity is set to play a central role in shaping the future of banking in Nigeria.