Unity Bank and Providus Bank have secured shareholder approval for their proposed merger, creating a stronger financial institution in Nigeria’s banking sector.
The decision was made during a court-ordered Extraordinary General Meeting held on Friday.
The merged entity will have approximately 230 branches nationwide, ranking it among the most extensive banks in Nigeria. Shareholders approved the merger, with Unity Bank shareholders set to receive N3.18 per share in cash or an exchange of 17 Unity Bank shares for 18 shares in the enlarged Providus Bank.
According to the banks, the merger will deliver greater scale, reach, and capacity to support households, businesses, and government. “The transaction would safeguard jobs, protect employee welfare, and create new career opportunities in a larger, stronger institution,” the banks stated.
The merger has received approval from the Central Bank of Nigeria and is expected to receive final regulatory clearances. The banks emphasized that the transaction would prioritize innovation, empathy, and integrity, supported by stronger capital and modern technology platforms.
The Office of the Accountant General of Rivers State will handle the functions of the Board until a new board is constituted. “His Excellency, the Executive Governor, will in due course constitute a new board to manage the affairs of pensions,” a statement read.