Having completed merger talks and documentations, the new management of ProvidusUnity Bank has announced the official commencement of nationwide banking services as a national financial institution.
The management said the feat remains a strategic milestone in its quest to build a stronger, more resilient bank capable of driving economic growth in Nigeria.
Management said the new institution is well positioned to play a greater role in financing businesses, supporting investments and unlocking opportunities that will contribute to national economic growth.
The commencement of operations follows the resolution of all legal and regulatory hurdles associated with the merger. Earlier in June, the Supreme Court dismissed the final legal challenge against the transaction, effectively clearing the way for the combination of both banks and the transfer of Unity Bank’s assets, liabilities and undertakings to Providus Bank.
It is important to note that the creation of ProvidusUnity Bank is regarded as one of the significant developments in Nigeria’s banking sector, aligning with the Central Bank of Nigeria’s ongoing banking recapitalisation and consolidation programme aimed at strengthening financial institutions, improving resilience and enhancing their capacity to support the country’s long-term economic aspirations.
In a statement made available to Business Hilights.ng weekend in Lagos, the bank said “the emergence of ProvidusUnity Bank goes beyond the completion of a corporate transaction and marks the beginning of a new chapter for customers, employees, shareholders and other stakeholders.
“The merger combines the complementary strengths of both institutions to create a more competitive financial services provider with enhanced capacity to support individuals, businesses and communities across the country.
“Providus Bank’s reputation for innovation, digital banking excellence and customer-focused service would be complemented by Unity Bank’s extensive branch network (over 250 nationwide), deep market presence and longstanding banking experience.
The bank expressed confidence that the integration would enable it to deliver improved products and services, expand access to financial solutions and strengthen its contribution to Nigeria’s economic development.
“This is more than the completion of a business transaction. It is a strategic step toward building a stronger and more resilient institution capable of serving customers, supporting businesses and contributing to Nigeria’s economic growth,” the statement read.
Accordingly, ProvidusUnity Bank assured customers that banking services would continue uninterrupted during the integration process, noting that existing accounts, products and banking channels would remain operational while efforts are made to harmonise operations across the newly merged institution.
While pledging to maintain high standards of customer service while leveraging technology and an expanded operational footprint to improve banking experiences for individuals, small and medium-sized enterprises, corporate organisations and public sector clients, ProvidusUnity Bank thanked the Central Bank of Nigeria (CBN) for its regulatory guidance and support throughout the merger process, describing the apex bank’s role as instrumental in ensuring the successful completion of the transaction.
The new bank also acknowledged the contributions of the Securities and Exchange Commission (SEC), shareholders, customers, employees and other stakeholders whose support, confidence and patience made the merger possible.
