• Latest
  • Trending
Providus bank announces ₦3 trillion boost from strategic merger

Providus bank announces ₦3 trillion boost from strategic merger

August 15, 2024
South African investment giant raises caution on Bitcoin ETF risks

South African investment giant raises caution on Bitcoin ETF risks

September 26, 2025
OpenAI’s ChatGPT Pulse now available for Pro users

OpenAI’s ChatGPT Pulse now available for Pro users

September 26, 2025
MSport 2025

MSport 2025: Nigeria’s #1 Sports Betting Site, Powered by Chelsea & BVB

September 25, 2025
MNT-Halan introduces Egypt’s first secure lending solution via Halan App

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

September 25, 2025
Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

September 25, 2025
Airtel Africa invests in education with 100 scholarships and new tech hubs

Airtel Africa invests in education with 100 scholarships and new tech hubs

September 25, 2025
SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

September 25, 2025
Tango Brook launches digital card for fuel management

Tango Brook launches digital card for fuel management

September 25, 2025
AI in Nigeria announces 3rd edition of InnovationAI

AI in Nigeria announces 3rd edition of InnovationAI

September 25, 2025
Interswitch Unveils Quickteller Travel to Transform African Travel Experience

Interswitch Unveils Quickteller Travel to Transform African Travel Experience

September 25, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Business Fintech

Providus bank announces ₦3 trillion boost from strategic merger

Saibu Grace by Saibu Grace
August 15, 2024
150 2
0
Providus bank announces ₦3 trillion boost from strategic merger

Providus bank announces ₦3 trillion boost from strategic merger

470
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

Providus Bank stated that the Central Bank of Nigeria (CBN) has granted preliminary approval for the merger with Unity Bank, resulting in a post-merger business with a balance sheet of up to ₦3 trillion ($1.8 billion).

In comparison to the other companies, Providus is in a better financial position because of the reputation it has earned for its banking-as-a-service product.

Read also: Nigeria’s biggest lender, Zenith Bank, gets $182 million

It was reported that Providus Bank emailed its customers to inform them that the proposed merger would produce one of Nigeria’s top financial institutions. According to the media source, Nine Banks combined to become Unity Firms in 2006 and has since incurred losses and bad debts.

RelatedPosts

Fraud: CBN directs Opay, Moniepoint, PalmPay, others to geo-tag PoS terminals

PremiumTrust meets CBN’s N200bn capital requirement for commercial bank’s license ahead of March 2026 deadline

NCC, CBN partner to address failed telecom transactions, enhance network service quality

This merger requires Central Bank financing. It was revealed that a loan of ₦700 billion was demanded.

Providus Bank merges Unity Bank to boost expansion

According to an anonymous banker, despite its high debt and the difficulty of purchasing troubled banks, Providus Bank is set to expand its retail presence.

This ambitious expansion plan is particularly noteworthy given the stark contrast between Providus’ current branch network and Unity Bank, which boasts an impressive 240 branches, a staggering tenfold increase over Providus’ existing footprint.

As Providus navigates this bold growth strategy, it will be crucial to address its debt challenges and successfully integrate Unity Bank’s extensive branch network to create a more robust and competitive retail banking operation.

Providus claimed that the business combination would ensure that the bank had footprints in major cities around Nigeria.

While many social media commentators have questioned the deal, one finance analyst speculated that the CBN may have been unwilling to allow a second bank failure following the revocation of Heritage Bank’s licence in June 2024.

Read also: Cybercriminals hijack GTBank website

Unity Bank’s stormy past precedes Providus Bank’s acquisition

Unity Bank’s exit represents another lucky escape for a company that has frequently appeared in danger. Its billion-dollar losses stemming from subprime loans reduced shareholder capital and missed the 2010 recapitalisation deadline.

Despite eventually raising capital in 2011 and recovering around ₦53 billion in bad loans, Unity Bank was soon in the red again. By 2018, it had accumulated losses of ₦338 billion, and by 2023, shareholder capital was again wiped out, prompting speculation that its licence would also be revoked.

Providus will ultimately acquire a partner with a retail presence and can feel good about not taking on Unity Bank’s short-term liabilities, even though Unity Bank’s unstable liquidity position will make this appear like an acquisition.

Tags: CBNProvidus Bank
Saibu Grace

Saibu Grace

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.