Fidelity Bank Plc has successfully concluded its acquisition of a 100% stake in Union Bank Plc UK, as revealed in a recent press release sent to the Nigeria Exchange Limited (NGX).
This strategic move is part of the bank’s international expansion efforts, aimed at unlocking significant value for the Fidelity Bank Group.
The acquisition received approval from the Bank of England’s Prudential Regulatory Authority (PRA) for the change of control of Union Bank UK, following an earlier “No Objection” letter from the Central Bank of Nigeria. With the Union Bank UK acquisition successfully completed, Fidelity Bank is now eyeing expansion into five African countries through further acquisitions.
The initial agreement for this acquisition was entered into by Fidelity Bank in August 2022, aligning with their goal of extending their services beyond the Nigerian market to better serve their growing clientele.