Two Nigerian banks merged, begin operations
Providus Bank and Unity Bank have officially come together to begin operations as one financial institution following the completion of their merger.
The new bank, known as ProvidusUnity Bank, started business after obtaining all required approvals from regulators, shareholders and the court.
The bank made this known in a statement issued on Sunday, saying the merger has created a stronger financial institution that is expected to improve banking services, increase its capital base, reach more customers across Nigeria and support the country’s economic growth.
According to the statement, the merger combines Providus Bank’s technology-driven banking services with Unity Bank’s wide network across the country.
The new institution said this combination will allow it to serve retail customers, small and medium-sized businesses, and large corporate organisations through a wider banking platform.
The bank stated that the development is in line with ongoing efforts to strengthen Nigeria’s banking industry by building stronger financial institutions, protecting customers’ deposits, improving competition and creating banks that can support national development.
ProvidusUnity Bank also appreciated the Central Bank of Nigeria for helping to complete the merger process and for its efforts to strengthen the country’s banking sector. It equally thanked its shareholders, customers, employees and other stakeholders for their support throughout the process.
The bank said the merger is expected to improve the financial sector’s ability to attract investments, provide more funding for businesses, increase access to credit and contribute to Nigeria’s goal of building a one-trillion-dollar economy.
For customers, the bank said the merger will provide access to a wider range of banking services, stronger digital platforms, improved technology, more service channels and a larger network of branches across the country.
It added that banking services will continue without interruption while customers gradually gain access to new products and expanded services as the integration process continues.
The bank also assured employees that the merger brings stability and new opportunities.
It said it plans to retain skilled workers, preserve the experience built by both institutions and provide room for career development within the newly formed organisation.
