Fidelity Bank gets CBN's nod to acquire Union Bank UK

Fidelity Bank gets CBN’s nod to acquire Union Bank UK

Fidelity Bank Plc has proposed to acquire 100% equity stake in Union Bank UK.

The Central Bank of Nigeria (CBN) has issued a letter of “No Objection” for the acquisition, according to the bank’s company secretary, Ezinwa Unuigboje.

The transaction is still subject to the approval of the Prudential Regulatory Authority (PRA) of the United Kingdom.

The lender in a Notice to the Nigerian Stock Exchange notified the general public that it has entered into a binding agreement for the acquisition of 100% equity stake in the Union Bank United Kingdom

“Union Bank UK commenced operations from 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,” the bank stated.

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Speaking on the agreement, the Managing Director/Chief Executive Officer of Fidelity Bank, Mrs. Nneka Onyeali-lkpe, 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.

“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.“