Fidelity Bank fully acquires Union Bank UK 100% – Wednesday, Fidelity Bank announced that it has completed its acquisition of Union Bank UK, a subsidiary of Union Bank Plc.
This development was disclosed in the Nigerian Exchange Limited’s corporate disclosure.
This completion, according to the bank, is a continuation of its notice of acquisition issued on August 2, 2022, and demonstrates the bank’s intent to expand its international portfolio.
The bank declared, “The bank is pleased to announce the completion of the transaction and the receipt of approval from the Bank of England’s Prudential Regulatory Authority (PRA) for the change of control of UBUK.”
The bank reported that the Central Bank of Nigeria had previously issued a letter of “No Objection” to the transaction, thereby facilitating its conclusion.
In a press release signed by Ezinwa Unuigboje, company secretary, the bank stated, “The Board of Directors of the Bank is confident that the acquisition will unlock significant value for the Fidelity Bank Group and is taking action to ensure the seamless integration of the operations of both entities.”
The CEO of the bank, Nneka Onyeali-Ikpe, told Bloomberg, “The strategy is to move our footprint outside of Nigeria and compete favourably with our competitors. In the next three years, if we visit at least two countries per year, we should be able to visit six countries.
Onyeali-Ikpe added that the acquisition is part of the bank’s expansion strategy on the African continent, as they intend to acquire five additional African nations.
The recent move by the bank hasn’t gone on notice on social media, particularly on X, formerly known as Twitter, as people have been excited over this move.
On the Twitter account for Kalu Ajah, the majority of followers have expressed overwhelming support for this acquisition. In response to the announcement, Emmanuel Odunsi stated, “Fidelity is joining FUGAZ very soon.”
Another Twitter user, Sheikh il Primo, remarked, “This is actually a significant step for fidelity.”