Providus Bank and Unity Bank merge to launch ProvidusUnity Bank
ProvidusUnity Bank emerges with total assets of ₦4.49 trillion and a 3.6 million-strong client base across Nigeria.
The merger between Providus Bank and Unity Bank has been formally concluded, giving rise to a new institution ProvidusUnity Bank Limited that now ranks as Nigeria’s ninth largest bank by total assets, according to details of the transaction made public this week.
The completion of the deal follows a Supreme Court ruling that resolved the outstanding legal disputes that had previously delayed the finalisation of the transaction. Customers of both legacy institutions have since begun receiving transaction alerts and account notifications bearing the new bank name, signalling that operational integration is already underway.
The combined entity holds an asset base of approximately ₦4.49 trillion and serves around 3.6 million customers through a nationwide network of 229 branches.
Each legacy institution brings distinct strengths to the merged bank: Providus Bank contributes robust digital banking infrastructure and a track record in serving small and medium enterprises, while Unity Bank adds an extensive branch footprint and a long-established national presence.
The merger aligns with the Central Bank of Nigeria’s ongoing banking recapitalisation programme, which has been pushing financial institutions to bolster their capital bases and consolidate where necessary in order to strengthen the overall stability of the sector.
The transaction is among a broader wave of mergers and acquisitions reshaping Nigeria’s banking landscape as lenders race to meet the CBN’s revised minimum capital requirements ahead of regulatory deadlines.
Customers of both former banks have been advised to expect further communications in the coming weeks regarding account integration, product transitions, and any operational changes that may affect their banking experience under the newly unified institution.
