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  • Business - Companies
  • Updated: August 30, 2022

Fidelity Bank Plc Acquires 100 Per Cent Equity Stake In Union Bank UK Plc

Fidelity Bank Plc Acquires 100 Per Cent  Equity Stake In Uni

Fidelity Bank Plc has entered into a binding agreement for the acquisition of a 100 per cent equity stake in Union Bank UK Plc, for which the central bank has issued a letter of no objection.

In a disclosure signed by Ezinwa Unuigboje, the Company Secretary on the proposed acquisition of a 100 per cent equity stake in Union Bank UK Plc by Fidelity Bank Plc, the transaction is subject to the approval of the Prudential Regulatory Authority of the United Kingdom.

According to Fidelity Bank, the development is in line with its expansion drive beyond the Nigerian market to enable it to deliver to its growing client.

“Union Bank UK commences operations from the heart of the city of London in 1983 to provide competitive banking services including personal banking, trades finance, treasury management and structured trade and community finance which offers to individual and corporate clients.

Commenting on the agreement, 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."

 

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