Providus Bank Limited and Unity Bank Plc have completed their merger, operating under a new combined identity as ProvidusUnity Bank Limited from the end of June 2026. Local reports put the combined bank at 229 branches and about 3.6 million customers.
The merger became effective following sanction by the Nigerian Supreme Court on 1 June 2026, when the court invoked Section 22 of the Supreme Court Act to sanction the scheme directly. The court directed the transfer of Unity Bank's assets, liabilities and undertakings to Providus Bank within ten days. The court also dissolved Unity Bank's board and approved the new name, ProvidusUnity Bank Limited.
COURT SANCTION AND DEAL TERMS
Under the approved Scheme of Merger, Unity Bank shareholders may elect to receive either N3.18 per Unity Bank share in cash or 18 Providus shares of 50 kobo each for every 17 Unity Bank shares held.
The merger had earlier been approved by both banks' shareholders, the Central Bank of Nigeria and the Securities and Exchange Commission.
NEW IDENTITY AND MARKET POSITION
The bank said in statements on 26 and 28 June that ProvidusUnity Bank would commence operations as a single institution, and customers had already begun receiving notices under the new name. The bank said the merger combines Providus Bank's "innovation, agility, and strong service culture" with Unity Bank's "extensive reach, experience, and broad market access".
For Unity Bank shareholders, the scheme provides a defined route to either monetise their holdings at N3.18 per share or roll into equity in the enlarged group at the agreed ratio.
The combined bank now operates as ProvidusUnity Bank Limited.