Providus Bank is on track to become a publicly listed company on the Nigerian Exchange (NGX) following its merger with Unity Bank. The move will depend on the final shareholder structure of the enlarged entity.
According to the scheme of merger seen by BusinessDay, if the total number of shareholders in the combined bank exceeds 50, the institution will be re-registered as a public company limited by shares. This would effectively pave the way for a listing on the NGX.
The resolution was approved by Providus Bank shareholders at a court-ordered meeting held on September 26.