Nigeria – Leading financial institution, Fidelity Bank Plc, has intimated the public of its proposed acquisition of Union Bank UK as part of its expansion plans.
In a regulatory filing issued on the Nigeria Exchange (NGX) on Tuesday, 30 August 2022, the bank stated that it has entered into a binding agreement for the acquisition of 100% equity stake in Union Bank United Kingdom Limited, for which the Central Bank of Nigeria has issued a letter of “No Objection”.
The transaction is however subject to the approval of the United Kingdom’s Prudential Regulatory Authority (PRA).
Commenting on the transaction, Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali-Ikpe stated, “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 proposed acquisition marks Fidelity Bank’s first foray into the international market and signals yet another milestone in the bank’s increasing profile as a leading African bank.