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Posted By Admin On September 28th, 2025

Providus Bank Limited has climbed into the top tier of Nigeria’s lenders, emerging as the ninth-largest bank by assets after its merger with Unity Bank.

The deal, which won overwhelming shareholder approval at a court-ordered Extraordinary General Meeting, combines the strengths of both institutions. As of June 30, 2025, the enlarged bank held ₦5.3 trillion in total assets and ₦3.2 trillion in deposits, ranking 9th and 11th in the industry respectively. It now boasts 229 branches and serves 3.6 million customers nationwide.

Both banks praised the Central Bank of Nigeria (CBN) for enabling the transaction, calling it a bold step toward strengthening the financial system and inspiring investor confidence.

“This merger is not just about numbers—it’s about confidence in Nigeria’s banking sector,” the banks said in a joint statement, adding that the new entity will have the scale, reach, and capacity to support businesses, households, and government across the federation.

The merged bank, to be named Providus-Unity Bank Limited, will embody Providus’ reputation for innovation and Unity’s legacy of service. Shareholders approved resolutions to increase share capital, settle Unity Bank shareholders with cash or new shares, and amend the Memorandum and Articles of Association.

With stronger capital adequacy, broader reach, and enhanced digital platforms, the enlarged bank is positioning itself as a backbone for Nigeria’s trillion-dollar economy ambition.

Source: https://businessday.ng/banking/article/providus-becomes-9th-largest-bank-after-merger-with-unity-bank/