By Nwosu Collins
The Central Bank of Nigeria (CBN) has given its approval for the merger between Providus Bank Limited and Unity Bank Plc. The management of both banks announced the approval in a joint statement, describing the merger as a strategic and complementary union.
According to the statement, the merger will leverage the strengths of both banks to create a leading financial institution in the industry, with a strong presence in retail, corporate, commercial, and digital banking.
The combined entity is expected to benefit from the synergies of both banks, enhancing their capabilities and competitiveness in the Nigerian banking sector. The merger is seen as a significant milestone in the evolution of both institutions, and is expected to create a stronger, more resilient bank that is better equipped to meet the needs of its customers.
The approval by the CBN marks a major step forward in the merger process, and the banks are expected to work towards completing the transaction in the coming months. The merger is subject to further regulatory approvals and is expected to be completed in accordance with relevant regulatory requirements.