Fidelity Bank Plc has acquired 100 per cent equity in Union Bank Plc UK.
Fidelity Bank said on Tuesday Fidelity said in a regulatory filing at the Nigeria Exchange Ltd that it reached an agreement to acquire “100 per cent equity stake in Union Bank UK Plc.”
The bank believes the sale is aligned with its strategy to geographically streamline its business operations to focus on growth opportunities in Nigeria.
But the subject to the approval of the Prudential Regulatory Authority of the United Kingdom
Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer, Fidelity Bank 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.”
In January 2020, the bank it has entered a share sale and purchase agreement to divest of its 100% equity stake in Union Bank UK Plc.