Fidelity Bank to acquire Union Bank UK

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.

Source: Fidelity Bank to acquire Union Bank UK – StocksWatch (stocksng.com)


Notice: Function WP_List_Util::pluck was called incorrectly. Values for the input array must be either objects or arrays. Please see Debugging in WordPress for more information. (This message was added in version 6.2.0.) in /home/fundidqj/fundvinesecurities.com/securities/wp-includes/functions.php on line 6031

Related Posts

03

Nov
Business & Economy

ELITE WEALTH PLACEMENT FUND

Welcome to the Elite Wealth Placement Fund – a bespoke investment vehicle designed exclusively for high-net-worth individuals seeking attractive and tailored placement opportunities. Our fund is managed by a team of seasoned financial experts with a proven track record of delivering superior returns, while prioritizing risk management and long-term wealth preservation. As an exclusive member, you will […]

03

Nov
Business & Economy

PZ Cussons Nigeria Plc reports N113bn revenue, boosts profit after tax by 114% in one year

The Audited Financial Statement of PZ Cussons for the year ended 31 May 2023 show significant growth in the Company’s bottom line figures with 114% growth in its profit after tax for the 12 months period. The Group reported revenue of N113.964 billion for the 12 months period, up by 14.53% from N99.503 reported the previous year.[…]