Fidelity Bank Plc is finalizing an agreement to buy Union Bank UK Plc.
The acquisition will further strengthen Fidelity bank’s push to become a tier 1 bank in Nigeria
In a corporate filing at the Nigerian Exchange Limited on Tuesday, Fidelity Bank said the Central Bank of Nigeria had issued ‘No Objection’ to its proposed acquisition of the bank which commenced London operations in 1983.
The notice signed by Fidelity Bank’s Company Secretary, Ezinwa Unuigboje, said the transaction was still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.
Fidelity Bank’s Managing Director. Nneka Onyeali-Ikpe, said, “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.”
She said the diverse service bouquet and business model of Union Bank UK offered a compelling synergy, adding that Fidelity Bank hopes to build on the existing capacity to create a scalable and more sustaining service franchise that will support the wider ecosystem of the bank’s trade business and diaspora banking services.
Union Bank UK commenced operations from the heart of the City of London 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.
