Providus Bank is set to take over Unity Bank in an acquisition deal that will see Unity’s shareholders either receiving cash payments or being allotted shares in Providus.
Under the approved scheme of merger, Providus Bank Limited’s certificate of incorporation will serve as that of the enlarged institution.
The scheme also stipulates that Unity Bank’s entire share capital will be cancelled, effectively leading to its dissolution.
This development signals another round on banking sector consolidation following the Central Bank of Nigeria’s directive to banks to shore up their capital base.
On Monday, The News0matrics reported that Titan Trust Bank had completed its acquisition of Union Bank with merged entity retaining the iconic Union Bank brand.
