Unity Bank, Providus Bank Merger On Track After Regulatory Approvals
Unity Bank Plc and Providus Bank Limited confirm their merger remains on course with integration underway pending final court sanction. The banks secured key regulatory approvals including Central Bank of Nigeria (CBN) backing, positioning the combined entity to meet the N200 billion capital requirement for national banking operations. Shareholder approval was overwhelmingly secured, and regulatory clearances have strengthened confidence in the strategic combination. The merger addresses Nigeria's banking sector recapitalisation programme mandating higher minimum capital thresholds, with the combined entity expected to exceed the N200 billion requirement. Once court sanction is granted, the enlarged institution will emerge among banks meeting the CBN's capital benchmark under the recapitalisation framework.