Unity Bank Plc and ProvidusBank Limited are set to redefine the Nigerian banking landscape with a proposed merger that promises to create a financial powerhouse. The merger aims to leverage the strengths of both banks to deliver unparalleled banking experiences to customers.
The merger will see ProvidusBank emerge as the surviving entity, while Unity Bank’s entire share capital will be canceled, leading to its dissolution. Shareholders of Unity Bank will have two options: receive ₦3.18 per share in cash or swap their shares for ProvidusBank shares at a ratio of 18:17.
The merged entity will boast an impressive asset base exceeding ₦2 trillion and a deposit base of over ₦1.2 trillion, making it one of the top 10 largest banks in Nigeria. Customers can expect an expanded suite of products and services, greater convenience, and improved access to banking solutions across various channels.
Unity Bank’s shareholders will vote on the merger at a Court-Ordered Meeting scheduled for September 26, 2025. The meeting will be held at OOPL Hotel in Abeokuta, Ogun State, and shareholders can attend in person or appoint a proxy to vote on their behalf. A statutory majority of at least three-quarters in value of ordinary shares held by members present and voting is required for approval.
The merger is expected to drive innovation, growth, and prosperity for customers, employees, and stakeholders. With a strong financial base and a diverse product offering, the merged entity is well-positioned to compete with established banks in Nigeria.
