₦airaland Forum

Fidelity Bank Plc on Tuesday announced that it has entered into a binding agreement to acquire a 100% equity stake in Union Bank UK Plc, following a letter of “No Objection” issued by the Central Bank of Nigeria (CBN).

The bank who made the announcement in a statement issued by its company secretary, Ezinwa Unuignoje, through the Nigeria Exchange Group to the investing public said the development is in line with its expansion drive beyond the Nigerian market to enable it to deliver to its growing client.

According to the bank, the transaction is still subject to the approval of the Prudential Regulatory Authority (PRA) of the United Kingdom.

Speaking on the agreement, Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, said the was a move to expand services from the local market and diversify.

“This transaction aligns with our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients,” she said.

“The diverse service bouquet and business model of Union Bank UK offered a compelling synergy, and we hope to build on the existing capacity to create a scalable and more sustaining service franchise that will support the wider ecosystem of our trade businesses and diaspora banking services.”

Union Bank UK commenced operations from the heart of the City of London in 1983 to provide competitive banking services including Personal Banking, Trade Finance, Treasury Management, and Structured Trade and Commodity Finance which it offers to individual and corporate clients.

SmartPolician:
One of the few Nigerian businesses that has reached 100 years has been acquired. This probably leaves us with only First Bank.

BTW, I didn't know that Fidelity Bank had the financial muscle to acquire Union Bank

SmartPolician:
Why do Nigerian banks like having branches in the UK not US?

BTW, congratulations to Fidelity Bank.