Providus Bank Limited is set to take over the corporate identity of Unity Bank Plc, following the approval of a merger scheme that will reshape both financial institutions.
According to details of the transaction, Unity Bank’s shareholders will either receive cash payments or be allotted shares in Providus Bank, depending on the terms agreed. The scheme further stipulates that Providus Bank’s certificate of incorporation will serve as the legal foundation of the enlarged entity, making Providus the surviving brand.
As part of the deal, Unity Bank’s entire share capital will be cancelled, effectively leading to its dissolution as a standalone institution.
Industry watchers note that the development could have far-reaching implications for the Nigerian banking landscape, given both banks’ focus on corporate and retail customers.
While the full financial and operational details of the merger are yet to be disclosed, the announcement underscores the increasing wave of consolidation in Nigeria’s banking sector, aimed at strengthening capital bases and improving competitiveness.
This is a developing story, and more updates are expected in the coming days.
