Fidelity Bank Plc has announced its proposed acquisition of a 100% equity stake in Union Bank Plc in the United Kingdom.
In a corporate filing on the Nigerian Exchange Limited on Tuesday, Fidelity Bank said the Central Bank of Nigeria had issued ‘No Objection’ to its proposed acquisition of the bank which commenced London operations in 1983.
The notice signed by Fidelity Bank’s Company Secretary, Ezinwa Unuigboje, said the transaction is still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.
The Managing Director of Fidelity Bank Nneka Onyeali-Ikpe stated that the latest acquisition is in line with the bank’s vision and direction. She also stated that:
“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”
Banks take-over is becoming a recurring item in Nigeria’s financial sector. In June Titan Bank completed the acquisition of Union Bank Plc, which is one of the oldest banks in the country.