Fidelity Bank to buy 100% equity stake in Union Bank UK -

Fidelity Bank Plc is furthering its journey to the tier-1 league as it enters into a binding agreement for the acquisition of 100 percent equity stake in Union Bank UK Plc. Already, Nigeria’s Central Bank has issued a letter of “No Objection” to the proposed transaction, the bank said in an August 30 notice.

Nneka Onyeali-Ikpe, Managing Director/CEO, Fidelity Bank Plc said the transaction aligns with the bank’s strategic plan of expanding its service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of Fidelity Bank’s growing clients.

Related News

She said the diverse service bouquet and business model of Union Bank UK offered a compelling synergy, adding that Fidelity Bank hopes to build on the existing capacity to create a scalable and more sustaining service franchise that will support the wider ecosystem of the bank’s trade business and diaspora banking services.

Union Bank UK commenced operations from the heart of the City of London in 1983 to provide competitive banking services including personal banking, trade finance, treasury management, and structured trade and commodity finance which it offers to individual and corporate clients. The transaction is subject to the approval of Prudential Regulatory Authority (PRA) of the United Kingdom.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.