By Adeke Chukwuka
Fidelity Bank has officially completed its 100% acquisition of Union Bank UK, a subsidiary of Union Bank Plc, as revealed in a corporate disclosure filed with the Nigerian Exchange Limited on Wednesday.
The bank has expressed its satisfaction with the transaction’s completion and the receipt of approval from the Bank of England’s Prudential Regulatory Authority (PRA) for the change of control of UBUK. Additionally, the bank highlighted that the Central Bank of Nigeria had previously issued a “No Objection” letter for the transaction, streamlining the completion process.
Fidelity Bank stated in a press release that it is confident the acquisition of Union Bank UK will significantly increase the value of the Fidelity Bank Group. The statement was signed by the company secretary, Ezinwa Unuigboje. They are actively working on ensuring a smooth integration of both entities’ operations.
Fidelity Bank’s CEO, Nneka Onyeali-Ikpe, revealed the bank’s strategic intent to expand its presence beyond Nigeria and compete effectively with peers. They aim to enter at least six countries within the next three years at a rate of two countries annually.
This acquisition aligns with the bank’s broader expansion plans across the African continent, with intentions to enter five additional African countries. The news of this expansion has garnered significant attention on social media, particularly on platforms like X (formerly Twitter), generating excitement among people.
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