Unity Bank Plc announced that its shareholders have approved a merger with Providus Bank Limited

The approval was granted at a court-ordered general meeting held in Abeokuta on September 26, according to a statement issued on Monday by the company secretary, Alabi Williams.

Under the arrangement, all assets, liabilities, and obligations of Unity Bank will be transferred to Providus Bank. In addition, all ongoing legal proceedings involving Unity Bank will continue under Providus Bank’s name once the court sanctions the merger.

Under the arrangement, all assets, liabilities, and commitments of Unity Bank will be taken over by Providus Bank, and any existing legal proceedings involving Unity Bank will continue under Providus Bank’s name after receiving court approval.

According to the statement, Unity Bank shareholders will, as part of the consideration, have the option to receive ₦3.18 per share or be allocated 18 Providus Bank ordinary shares for every 17 Unity Bank shares they currently hold.

“That the entire share capital of the Bank be cancelled and the Bank be dissolved without winding up. That the certificate of incorporation of Providus Bank Limited shall be the certificate of incorporation of the Enlarged Bank.

“That the Solicitors of the Bank be and are hereby directed to seek orders of the Court sanctioning the Scheme and the foregoing resolutions, as well as such other incidental, consequential or supplemental orders as are necessary or required to give full effect to the Scheme.

“That the Directors of the Bank be and are hereby authorised to take such other actions and steps as may be necessary or required to give full effect to the Scheme,” the statement reads.