The Digest:
In a significant consolidation move within Nigeria's financial sector, Providus Bank and Unity Bank have obtained shareholder approval to merge, creating a strengthened institution with nationwide reach and enhanced capital capacity. The merger represents a strategic response to evolving banking reforms and positions the combined entity to better compete in Nigeria's dynamic financial landscape.
- Shareholders approved the merger during court-ordered extraordinary general meetings
- The combined institution will operate approximately 230 branches across Nigeria
- Merger backed by the Central Bank of Nigeria with N700 billion bailout support
- Unity Bank shareholders offered N3.18 per share or a share exchange option
- Providus brings digital innovation, while Unity contributes an extensive branch network
- Merger aims to create a stronger institution supporting SMEs and retail customers
- Transaction expected to safeguard jobs while creating new career opportunities
Sources: Nairametrics
