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Fidelity Bank has announced the completion of100 percent acquisition of Union Bank UK, a subsidiary of Union Bank Plc.
This development was disclosed in the corporate disclosure filed with the Nigerian Exchange Limited.
Fidelity Bank said that this completion is furtherance to its notice of acquisition made on August 2, 2022, and signifies the bank’s intent to expand its international portfolio.
The Board at Fidelity Bank says the acquisition of Union Bank UK would “unlock significant value for the Fidelity Bank Group”.
“Further to the press release dated August 2, 2022, wherein Fidelity Bank Plc (the Bank) notified the General Public of its proposed 100% acquisition of Union Bank UK PIC (UBUK), the Bank is pleased to announce the completion of the transaction and receipt of the approval of the Bank of England’s Prudential Regulatory Authority (PRA) for change of control of UBUK,” Fidelity Bank said in a statement.
“The acquisition of UBUK is in furtherance of Fidelity Bank Plc’s strategic initiatives on international expansion. The Central Bank of Nigeria had earlier Issued a letter of “No Objection” to the transaction.
The Board of Directors of the Bank is confident that acquisition will unlock significant value for the Fidelity Bank Group and is taking action to ensure the seamless integration of the operations of both entities”
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:
“The strategy is for us to move our footprint outside Nigeria and be able to compete favourably with our peers. In the next three years, we should be able to be in six countries by doing at least two every year.”