Providus Bank, only eight years old, has now entered the top tier of Nigerian banks after merging with Unity Bank. The deal pushes the new entity into 9th place by assets, worth about ₦5.3 trillion, and 11th by customer deposits, with ₦3.2 trillion.
With the merger, the bank now controls 229 branches and serves 3.6 million customers across the country. Providus brings its reputation for innovation, while Unity adds its wider branch network and long-standing customer base.
Shareholders of both banks have approved the merger and new share capital, while also clearing Unity’s shareholders to receive cash or stock.
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The banks praised the Central Bank of Nigeria (CBN) for supporting the deal, calling it a step that builds stability and confidence in the financial sector.
Unity Bank also clarified that AMCON’s 34% stake was bought by an existing shareholder, not Providus, confirming wider confidence in the transaction.
This move makes Providus, an 8-year-old bank, one of Nigeria’s biggest lenders, showing how fast the country’s banking landscape is changing.