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Fidelity Bank Seals Pact To Buy Union Bank UK

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Fidelity Bank Plc. is furthering its journey to the tier-1 league as it enters into a binding agreement with 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.

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

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.

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