Unity Bank Plc and Providus Bank Limited are set to operate under a new name, Providus-Unity Bank (PUB), upon completion of their merger.
The decision was approved at the Court-Ordered Meeting of Unity Bank shareholders held on September 26, 2025, in Abeokuta, Ogun State.
Shareholders overwhelmingly endorsed the merger scheme with 99.32 percent of total shareholding, valued at ₦4.4 billion, voting in favour.
As part of the transaction structure, Unity Bank shareholders will receive ₦3.18 per share or be allotted 18 ordinary shares of ₦0.50 each in Providus Bank for every 17 Unity Bank shares held.
Unity Bank’s entire share capital will be cancelled, and the bank dissolved without winding up, while Providus Bank will retain its certificate of incorporation as the surviving entity.
Speaking on the development, Chairman of Unity Bank Plc, Hafiz Mohammed Bashir, explained that the new name was chosen to preserve the existing loyalty Unity Bank enjoys across its customer base, particularly in the northern market, while also reflecting Providus Bank’s strong market presence.
He noted that PUB will provide a more competitive platform for growth and strengthen service delivery in both traditional and digital banking.
The merger follows NGX’s decision to lift the suspension on Unity Bank shares on September 25, 2025, which was accompanied by the transfer of 4.004 billion units of AMCON shares representing 34 percent of Unity Bank’s issued share capital to an existing shareholder.
Analysts say the emergence of PUB will create a larger, more resilient financial institution capable of competing effectively with stronger players in Nigeria’s banking sector.
The combined institution is expected to enhance operational efficiency, expand customer reach, and deliver sustainable long-term value to shareholders and customers.
Directors and transaction advisers have been authorized to proceed with securing the necessary court approvals to finalize the merger and operationalize the new entity.