Fidelity Bank Completes Take Over Of Union Bank

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Fidelity Bank Completes Take Over Of Union Bank

Fidelity Bank Plc has successfully completed the acquisition of a 100% stake in Union Bank Plc UK, according to a press release statement sent to the Nigeria Exchange Limited (NGX) and reported by Nairametrics.

The acquisition is part of Fidelity Bank’s strategic initiatives for international expansion. The bank had previously received a “No Objection” letter from the Central Bank of Nigeria for the transaction, and it has now received approval from the Bank of England’s Prudential Regulatory Authority (PRA) for the change of control of Union Bank UK.

The board of Fidelity Bank expressed confidence that this acquisition will create significant value for the Fidelity Bank Group and is working to ensure the smooth integration of both entities’ operations.

Following the completion of the Union Bank UK acquisition, Fidelity Bank plans to expand into five African countries through further acquisitions. Fidelity Bank’s CEO, Mrs. Nneka Onyeali-Ikpe, stated in an interview that their strategy is to move their presence outside Nigeria and compete effectively with their peers. They aim to be in six countries within the next three years, with plans to acquire at least two new countries each year.

In August 2022, Fidelity Bank Plc had entered into a binding agreement to acquire the full equity stake in Union Bank UK Plc, with the acquisition contingent on approval from the Prudential Regulatory Authority of the United Kingdom, which has now been granted. This move aligns with Fidelity Bank’s expansion goals beyond the Nigerian market to better serve its growing client base.

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