Fidelity to acquire 100% equity in Union Bank UK

Fidelity Bank Plc has entered into an agreement to acquire 100 per cent equity stake in Union Bank UK Plc.

According to a disclosure signed by the Company Secretary, Ezinwa Unuigboje, the transaction is subject to the approval of the Prudential Regulatory Authority of the United Kingdom.

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

It said the central bank had issued a letter of no objection.

It stated, “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.”

Managing Director/Chief Executive Officer, Fidelity Bank, Mrs Nneka Onyeali-Ikpe, 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.”

The transaction is subject to the approval of the Prudential Regulatory Authority of the United Kingdom.