Fidelity Bank Plc has announced the completion of the acquisition of a 100% stake in Union Bank Plc UK.
This was disclosed via a press release statement sent to Nigeria Exchange Limited (NGX) and seen by CN.
The bank noted that the acquisition is aimed at strengthening its “strategic initiatives on international expansion.”
The Board at Fidelity Bank says the acquisition of Union Bank UK would “unlock significant value for the Fidelity Bank Group”. Here’s the statement from the press release:
Fidelity Bank had disclosed that following the completion of the acquisition of Union Bank UK, it would expand into 5 African countries via acquisition.
In a phone interview with Bloomberg, the CEO of Fidelity Bank, Mrs Nneka Onyeali-Ikpe said:
In August 2022, Fidelity Bank Plc entered into a binding agreement to acquire a 100% equity stake in Union Bank UK Plc.
The acquisition was subject to the approval of the Prudential Regulatory Authority of the United Kingdom (which has now been approved).
Fidelity Bank said the development is in line with its expansion drive beyond the Nigerian market to enable it to deliver to its growing clients.
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