Providus Bank and Unity Bank have officially begun operations as one institution following the completion of their merger.
The new entity, known as ProvidusUnity Bank, was formed after the conclusion of all required regulatory, shareholder and judicial approvals.
In a statement released on Sunday, the bank said the merger creates a stronger financial institution with improved capital strength, wider national coverage and greater capacity to support financial inclusion across Nigeria.
The bank said the combination brings together Providus Bank’s digital banking strength, innovation and customer focused service model with Unity Bank’s wide branch network and strong presence across different parts of the country.
According to the statement, the merger will allow the new bank to serve retail customers, small businesses and corporate clients more effectively.
The development comes at a time when Nigeria’s banking sector is undergoing reforms aimed at building stronger institutions, protecting depositors, improving competition and supporting economic growth.
ProvidusUnity Bank commended the Central Bank of Nigeria for its role in supporting the transaction and strengthening confidence in the banking system.
The bank also thanked its shareholders, customers, employees and other stakeholders for their support throughout the merger process.
According to the bank, the merger is expected to improve the financial sector’s ability to attract investment, support businesses, expand access to credit and contribute to Nigeria’s goal of building a trillion dollar economy.
For customers, ProvidusUnity Bank said the integration will provide wider access to banking services, improved service delivery, stronger technology infrastructure and broader banking channels across the country.
The bank assured customers that services will continue without disruption in the immediate term, while improved products and wider capabilities will be introduced gradually.
For employees, the bank said the merger provides stability, continuity and new opportunities.
It added that the new institution remains committed to retaining talent, preserving institutional knowledge and supporting career growth within the organisation.
