Shareholders and boards of Providus Financial institution and Unity Financial institution, on Friday, gave the nod for a enterprise mixture of the 2 lenders, paving the way in which for the creation of a stronger establishment with wider attain and deeper capability.
The approval, which got here at a court-ordered Extraordinary Normal Assembly (EGM), is the second merger finalised as banks strived to fulfill the brand new capital requirement of the Central Financial institution of Nigeria’s (CBN) ongoing banking sector reforms aimed toward strengthening the monetary system.
In a joint assertion, the 2 banks counseled the CBN for offering the regulatory assist that made the transaction attainable. “Providus Financial institution and Unity Financial institution want to categorical profound appreciation to the Central Financial institution of Nigeria (CBN) for its foresight, dedication, and dedication to constructing a stronger monetary system. CBN, by enabling this transaction, has strengthened its imaginative and prescient of a sector anchored on resilience and buyer confidence.
“This regulatory assist shouldn’t be solely shaping more healthy banks, but additionally inspiring the boldness of companies, traders, and on a regular basis Nigerians that our monetary system is able to function a cornerstone for sustainable development.”
With the merger, the brand new entity will function one of many largest department networks within the nation, with about 230 branches. Unity Financial institution brings its nationwide unfold and legacy, whereas Providus Financial institution contributes its repute for innovation, robust digital platforms, and customer-focused companies.
Noting that the merger would safeguard jobs and shield livelihoods whereas creating new alternatives in a stronger establishment, the banks assured that it will additionally “usher in a brand new chapter: a financial institution that’s larger in ambition, broader in attain, and stronger in capability. It should embody the values of innovation, empathetic relationship administration, buyer focus, and integrity.
“With enhanced expertise platforms, deeper capital power, and a dedication to customer support, the enlarged financial institution will stand as each a guardian of stability and a catalyst for development in Nigeria’s journey towards a trillion-dollar financial system.”
