Fidelity Bank Plc on Tuesday said it has entered into an agreement to acquire a 100 percent equity stake in Union Bank UK Plc.
In a corporate filing on the Nigerian Exchange Limited on Tuesday, Fidelity Bank said the Central Bank of Nigeria (CBN) had issued ‘No Objection’ to it’s proposed acquisition of the bank which actually commenced London operations in 1983.
The notice signed by Fidelity Bank’s Company Secretary, Ezinwa Unuigboje added that the transaction is still subject to the approval of the Prudential Regulatory Authority (PRA) of the United Kingdom.
Speaking on the agreement, Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, said the agreement was a move to expand services from the local market and diversify.
“This transaction aligns with our strategic plan of expanding our service touch points 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.”
Last year, Titan Trust Bank Limited acquired Union Bank of Nigeria Plc which was one of Nigeria’s oldest banks.