• Monday, February 26, 2024
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Fidelity Bank completes 100% acquisition of Union Bank UK

Fidelity Bank completes acquisition of Union Bank UK

Fidelity Bank on Wednesday announced the completion of its 100 percent acquisition of Union Bank UK, a subsidiary of Union Bank Plc.

This development was disclosed in the corporate disclosure filed with the Nigerian Exchange Limited.

The bank said that this completion is furtherance to its notice of acquisition made on August 2, 2022, and signifies the bank’s intent to expand its international portfolio.

The bank said, “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 the change of control of UBUK.”

Read also: Fidelity Bank: Another season of interim dividend

The bank said that the Central Bank of Nigeria had earlier issued a letter of “No Objection” to the transaction, making it easy for this completion process.

In the press statement signed by Ezinwa Unuigboje, company secretary, the bank further added that “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.”

Speaking on this development to Bloomberg, Nneka Onyeali-Ikpe, the bank CEO, said, “The strategy is for us to move our footprint outside Nigeria and compete favourably with our peers. In the next three years, we should be able to be in six countries by doing at least two yearly”.

Onyeali-Ikpe added that the acquisition is part of the bank’s expansion drive on the continent of Africa, especially as they plan to enter five other African countries.

The recent move by the bank hasn’t gone on notice on social media, especially on X, formerly known as Twitter, as people have been excited over this move.

On the Kalu Ajah Twitter handle, most of the tweeps have shown overwhelming support for this acquisition. Emmanuel Odunsi, reacting to the announcement, said, “Fidelity is joining FUGAZ very soon.”

Another tweep, Sheikh il Primo, said, “That’s actually a big move for fidelity.”