Fidelity Bank Plc has notified the investing public that it has entered a binding agreement to acquire a 100% equity stake in Union Bank UK Plc, for which the Central Bank of Nigeria (CBN) had issued a letter of “No Objection”.
The Union Bank UK commenced London 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.
Commenting on the agreement, Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer, Fidelity Bank Plc, stated thus:
“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 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.”
The transaction is still subject to the approval of the Prudential Regulatory Authority (PRA) of the United Kingdom.