Providus Bank gets approval to absorb ailing Unity Bank
- Providus Bank has received court approval for the acquisition of Unity Bank Plc.
- Unity Bank recorded ₦203 billion in impaired loans at the end of the 2023 financial year.
- The Central Bank of Nigeria injected ₦700 billion to support the post-merger entity.
The acquisition of Unity Bank by Providus Bank represents a significant opportunity for consolidation in the Nigerian banking sector, potentially leading to a more stable financial environment. However, the challenges faced by Unity Bank highlight the ongoing issues within the sector that need to be addressed to prevent future crises.
