Nigeria’s leading tier II bank, Fidelity Bank Plc had entered into a binding agreement to acquire 100% stake in Union Bank UK Plc.
According to the bank, the Central Bank of Nigeria (CBN) has issued a ‘No Objection’ letter, the bank disclosed in a letter signed by Ezinwa Unuigboje, Company Secretary and obtained by Investors King.
Union Bank UK started providing financial services, including personal banking, trade finance, treasury management, and structured trade and commodity finance to individual and corporate clients in London in 1983.
Commenting on the ongoing deal, Mrs. Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, 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.”
The Prudential Regulatory Authority (PRA) is yet to approve the transaction, according to the statement.