As part of its strategic plan to expand beyond the Nigerian market, Fidelity Bank Plc said it is binding to acquire a 100 per cent stake in Union Bank (United Kingdom) Plc.
The bank disclosed this in a notification signed by its Company’s Secretary, Ezinwa Unuigboje, hinting that the Central Bank of Nigeria (CBN) has given a go-ahead.
“Fidelity Bank Plc hereby notifies the general public that it has entered into a binding agreement for the acquisition of 100 per cent equity stake in Union Bank Uk Plc, for which the Central Bank of Nigeria has issued a letter of No Objection,” the statement on Tuesday read.
The bank has 2021 set “a tall ambition” to be recognized as a tier-one bank in another four years, part of that determination is to accelerate its growth.
“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 Managing Director/Bank Chief Executive Officer (CEO) Nneka Onyeali-Ikpe, 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 business and diaspora banking services,” she added.
According to the statement, the acquisition is subject to the approval of the Prudential Regulatory Authority (PRA) of the United Kingdom.
Union Bank Uk commenced operations 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.
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