Home Industry News BREAKING: Fidelity Bank takes over Union Bank UK soon

BREAKING: Fidelity Bank takes over Union Bank UK soon

by Goddie Ofose
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Fidelity Bank has announced it has entered into a deal to buy 100 per cent stake in the United Kingdom unit of Nigeria’s second oldest lender, Union Bank.

The Central Bank of Nigeria (CBN) has issued a ‘No Objection’ notice to the deal, according to a document published by the Nigerian Exchange on Tuesday.

According to a statement dated August 30 released by the company secretary of Fidelity Bank, Ezinwa Unuigboje, Union Bank UK commenced operations in London in 1983.

Commenting on the agreement, 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 statement added that the transaction is subject to the approval of the Prudential Regulatory Authority (PRA) of the United Kingdom.

It is the latest phase in the train of divestments by Union Bank which, beginning late last year, saw the bank offload 90 per cent of its shareholding to a new owner, Titan Trust.

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