Fidelity Bank Plc has announced its proposed acquisition of a 100% equity stake in Union Bank Plc in the United Kingdom.
In a corporate filing on the Nigerian Exchange Limited on Tuesday, Fidelity Bank said the Central Bank of Nigeria had issued โNo Objectionโ to its proposed acquisition of the bank which commenced London operations in 1983.
The notice signed by Fidelity Bankโs Company Secretary, Ezinwa Unuigboje, said the transaction is still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.
Fidelity Bankโs Managing Director. Nneka Onyeali-Ikpe, said, โThis 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.โ
โThe 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.โ
In June, Titan Trust Bank โฌLimited completed the takeover of Union Bank of Nigeria Plc which was one of Nigeriaโs oldest banks.
