Fidelity Bank Plc announces 100% acquisition of Union Bank Uk

Fidelity Bank Plc has announced the completion acquisition of Union Bank Uk, a subsidiary of Union Bank Plc operating in the United Kingdom.

The acquisition development was first disclosed in the corporate disclosure filed with the Nigerian Exchange Limited.

The bank said that this completion is an expedition to its notice of acquisition made on August 2, 2022, and signifies the bank’s intent to expand its operations internationally.

The bank said it have be approved by the Bank of England’s Prudential Regulatory Authority (PRA) for the change of control of Union Bank Uk (UBUK.)
And also the CBN (Central Bank of Nigeria) had earlier issued a letter of “No Objection” to the transaction, making it easy for this completion process.

The CEO (Chief Executive officer) Nneka Onyeali-Ikpe said: “The strategy is for us to move our footprint outside Nigeria and compete favourably with our peers. In the next three years, we should be able to be in six countries by doing at least two yearly.”

XperTrend Media - this is a great development for Fidelity Bank PLC, and we celebrate with them.
Another question that pops up is, will Fidelity Bank come back to acquire the whole of Union Bank PLC?
Let's sit back and watch, thanks for reading this article, we love to see you again.