In a statement submitted to the Nigerian Exchange (NGX) limited, Fidelity Bank Plc, has successfully acquired hundred percent ownership of Union Bank Plc, UK branch.
The acquisition process lasted for a year, from August 2022 and finally was a success in September 2023.
With the approval of the Prudential Regulatory Authority of the United Kingdom, both banks signed a binding agreement that Fidelity Bank would ‘acquire a 100% equity stake in Union Bank UK Plc.’
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This great feat is in sync with the bank’s aim of strengthening its “strategic initiatives on international expansion” as this would “unlock significant value for the Fidelity Bank Group”.
The press statement reads:
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.
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.
Chief Executive Officer/Managing Director of Fidelity Bank, Nneka Onyeali-Ikpe said this is a move of expansion and growth by the bank.
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,” Nneka said.
The CEO further revealed the Group’s plans to acquire more banks in five African countries as it carries out its expansion plans to go beyond the Nigerian market and get to its growing clients in other parts of the world.
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