Fidelity Bank Completes Take-Over Of Union Bank
Fidelity Bank has secured the approval of the Bank of England for its wholly acquisition of Union Bank United Kingdom.
In a note to the general investing public on Wednesday, its Company Secretary Ezinwa Unuigboje announced that the bank has completed the 100 per cent acquisition of Union Bank UK (UBUK) Plc and has received the approval of the Bank of England’s Prudential Regulatory Authority (PRA) to take control of the former subsidiary of Union Bank.
The acquisition, which has also been approved by Nigeria’s Central Bank, is to further the strategic initiatives of Fidelity Bank on international expansion.
Unuigboje also stated that the seamless integration of the operation of the two entities has begun and the board of directors is confident that the take-over of the bank will unlock significant value for the Fidelity Bank Group.
Fidelity in August 2022 notified the public of its proposal to buy the UK branch of Union Bank.