The completion of Fidelity Bank’s acquisition of a 100% share in Union Bank Plc United Kingdom (UBUK) has been announced.
The purchase, which is worth N8.2 billion, represents a big milestone for Fidelity Bank as it works to increase its global presence.
Message from Fidelity Bank following its acquisition of Union Bank
A statement provided by Fidelity Bank to the Nigeria Exchange Limited (NGX) detailed the transaction.
The statement reads:
“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 for change of control of UBUK.
“The acquisition of UBUK is in furtherance of Fidelity Bank Plc’s strategic initiatives on international expansion.”
Punch reports that the bank had earlier received a letter of ‘No Objection’ to the transaction from the Central Bank of Nigeria.
In the corporate notice, the Board of Directors of the bank said:
“We are 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.”
Fidelity Bank Chief Executive Officer Nneka Onyeali-Ikpe in an earlier report, revealed plans to expand the bank’s footprints internationally.
In Onyeali-Ikpe words:
“The strategy is for us to move footprint outside Nigeria and be able to compete favorably with our peers.
“In the next three years, we should be able to be in six countries by doing at least two yearly.
“We are committed to expanding our operations and reaching more customers across Africa.
“We believe there is a significant opportunity for growth in the African market, and we are committed to capitalizing on this.”
Here is a list of Nigerian Banks in the UK
The Access Bank UK
Zenith Bank
GTBank UK (Guaranty Trust Bank UK)
FCMB Bank UK (First City Monument Bank UK)
FirstBank UK
UBA UK (United Bank for Africa UK)