Fidelity Bank has concluded plans to take over 100 percent shares of Union Bank.
In a statement signed by the Company Secretary of Fidelity Bank Ezinwa Unuigboje on the proposed acquisition, the transaction has to be approved by the Prudential Regulatory Authority of the United Kingdom.
The statement noted that the acquisition was in tandem with its expansion drive beyond the Nigerian market to enable it to deliver to its growing client.
The acquisition bank said it has entered into a binding agreement for the acquisition of a 100% equity stake in Union Bank UK Plc for which the central bank has issued a letter of no objection.
“Union Bank UK commences operations from the heart of the city of London in 1983 to provide competitive banking services including personal banking, trades finance, treasury management, and structured trade and community finance which offers to individual and corporate clients.”
Managing Director of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, said “this transaction aligns with our strategic plan of expanding our services touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients.
The diverse bouquet and business model of Union Bank UK offer 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.
