In a strategic move aimed at expanding its global footprint, Fidelity Bank has successfully acquired Union Bank UK plc, assuming full ownership of the entity.
The announcement was made by Ezinwa Unuigboje, the board secretary of Fidelity Bank, during a statement to the Nigerian Exchange.
This acquisition marks a significant milestone for Fidelity Bank, as it now holds 100 percent ownership of Union Bank UK plc, following the approval of the Bank of England’s Prudential Regulatory Authority (PRA) for the change of control.
Fidelity Bank’s ambitious international expansion plans have received a green light, with the Central Bank of Nigeria having previously issued a ‘No Objection’ letter for this transaction.
Ezinwa Unuigboje emphasized, “The Board of Directors of the bank is confident that the 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.”
It’s worth noting that Union Bank UK plc became a subsidiary of Union Bank in 2018.
This development occurs concurrently with Titan Trust Bank’s takeover of the local bank, which has extended an offer to acquire minority shareholders at N7 per share, further reshaping the banking landscape.
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