AMCON Sells Stake in Unity Bank to Providus Bank for Merger

Asset Management Corporation of Nigeria (AMCON) has sold a 34% stake in Unity Bank Plc to Providus Bank, paving the way for a potential merger between the two financial institutions. The transaction, valued at 4 billion Naira, was completed on the Nigerian Exchange on September 25.

Unity Bank shareholders are set to vote on the acquisition, marking a significant step in Providus Bank's strategy to expand its digital banking footprint. The deal includes the transfer of assets, liabilities, and intellectual property from Unity Bank to Providus Bank, positioning the latter as a digitally-focused entity in the Nigerian financial sector.