Fidelity Bank Plc has announced its intention to enter into a binding agreement for the acquisition of 100.0percent equity stake in Union Bank United Kingdom (UK) Plc for which the Central Bank of Nigeria has issued a letter of “No Objection”.
The transaction is, however, still awaiting the approval of the Prudential Regulatory Authority of the United Kingdom.
Speaking on the proposed acquisition, the Managing Director of Fidelity Bank, Nneka Onyeali-Ikpe, said the transaction aligns with the strategic plan of expanding the lender’s service touch points beyond the Nigerian market and providing straight-through services that meet and exceed the needs of its growing clients.
According to her, “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.”
In a corporate filing on the Nigerian Exchange Limited on Tuesday, Fidelity Bank said the Central Bank of Nigeria‘s letter signifies acceptance to its proposed acquisition of the bank which commenced London operations in 1983.
The notice signed by Fidelity Bank’s Company Secretary, Ezinwa Unuigboje, said the transaction is still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.
In June, Titan Trust Bank Limited completed the takeover of Union Bank of Nigeria Plc which was one of Nigeria’s oldest banks
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