Fidelity Bank Plc has completed a 100 per cent acquisition of Union Bank UK Plc (UBUK) as part of its aggressive expansion plan. According to reports, the bank plans to expand to five African countries.
Recall that Fidelity Bank Plc had entered into a binding agreement to acquire a 100 per cent equity stake in Union Bank UK Plc in August 2022.
The acquisition, which is in line with its expansion drive beyond the Nigerian market, was subject to the approval of the Prudential Regulatory Authority of the United Kingdom, which has now been approved.
Disclosing the announcement through a press release statement sent to Nigeria Exchange Limited (NGX), the bank’s board said the acquisition is aimed at strengthening its strategic initiatives on international expansion and would unlock significant value for the Fidelity Bank Group.
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 (PRA) for change of control of UBUK.
“The acquisition of UBUK is in furtherance of Fidelity Bank Plc’s strategic initiatives on international expansion. The Central Bank of Nigeria had earlier issued a letter of “No Objection” to the transaction.
