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Fidelity Bank Plc has acquired 100 per cent equity in Union Bank Plc UK, the bank said on Tuesday.
Union Bank UK has been in operation since 1983 offering banking services including personal banking, trades finance, treasury management and structured trade and community finance which offers to individual and corporate clients.
Fidelity said in a regulatory filing on the Nigeria Exchange Ltd that it reached an agreement to acquire “100 per cent equity stake in Union Bank UK Plc.”
But the deal is subject to the approval of the Prudential Regulatory Authority of the United Kingdom.
In January 2020, the bank said it has entered a share sale and purchase agreement to divest of its 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.
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.”
