Fidelity Bank Plc has announced that it has entered into a binding agreement to acquire a 100% equity stake in Union Bank UK Plc.
According to a notice signed by Ezinwa Unuigboje, the Company Secretary on the proposed acquisition of a 100% equity stake in Union Bank UK Plc by Fidelity Bank Plc, the transaction is subject to the approval of the Prudential Regulatory Authority of the United Kingdom.
The Bank said the development is in line with its expansion drive beyond the Nigerian market to enable it to deliver to its growing client. It disclosed that the central bank has issued a letter of no objection.
Fidelity Bank’s Managing Director. Nneka Onyeali-Ikpe, said, “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.”
“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 commences operations from the heart of the city of London in 1983 to provide competitive banking services including personal banking, trades finance, treasury management, and structured trade and community finance which offers to individual and corporate clients.
In June, Titan Trust Bank Limited completed the takeover of Union Bank of Nigeria Plc which was one of Nigeria’s oldest banks.