Providus Bank and Unity Bank have officially commenced operations as a single financial institution following the successful completion of their merger, marking the birth of ProvidusUnity Bank.
The new bank begins operations after fulfilling all regulatory, shareholder, and judicial requirements necessary to complete the business combination.
In a statement issued on Sunday, ProvidusUnity Bank described the merger as a major milestone that creates a stronger and more resilient banking institution with improved capitalisation, wider national coverage, and enhanced capacity to support financial inclusion and Nigeria’s long-term economic development.
According to the bank, the combination brings together Providus Bank’s technology-driven, customer-focused banking model with Unity Bank’s extensive branch network and established presence across the country. The integration is expected to strengthen retail, small and medium-sized enterprise (SME), and corporate banking services while expanding access to financial products nationwide.
The bank noted that the merger aligns with ongoing reforms in Nigeria’s banking sector aimed at strengthening financial institutions, improving depositor confidence, enhancing competitiveness, and building stronger banks capable of driving economic growth.
It expressed appreciation to the Central Bank of Nigeria (CBN) for facilitating the transaction and supporting efforts to reinforce the stability of the country’s banking industry. The bank also thanked its shareholders, customers, employees, and other stakeholders for their confidence and support throughout the merger process.
ProvidusUnity Bank said the newly combined institution is well-positioned to mobilise investment, promote enterprise development, increase access to credit, and contribute to Nigeria’s ambition of building a trillion-dollar economy.
The bank assured customers that banking services would continue without disruption during the integration process. It added that customers would gradually benefit from improved technology platforms, expanded banking channels, enhanced products, and a broader national footprint designed to deliver more efficient and consistent services.
For employees, the bank said the merger offers continuity, stability, and new opportunities for professional development. It reaffirmed its commitment to retaining skilled personnel, preserving institutional knowledge, and supporting career growth within the newly established organisation.
The launch of ProvidusUnity Bank represents one of the latest consolidation moves in Nigeria’s banking industry as financial institutions continue to strengthen their operations in response to evolving regulatory requirements and the need for greater financial resilience.
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