Fidelity Bank Plc is at present, finalizing the agreement to purchase Union Bank Plc UK. This acquisition will strengthen Fidelity bank’s push to become the top financial institution in Nigeria.
Fidelity Bank, in a corporate filing at the Nigerian Exchange Limited on Tuesday, had reported that the Central Bank of Nigeria had issued a ‘No Objection’ to its proposed acquisition of the bank which began its London operations in the year 1983.
The notice signed by Ezinwa Unuigboje, Fidelity Bank’s Company Secretary, states that the transaction was still awaiting the approval of the Prudential Regulatory Authority of the United Kingdom.
The various service bouquet and business model of Union Bank UK offered a compelling synergy, according to Fidelity Bank’s Managing Director, Nneka Onyeali Ikpe who also affirmed that the Bank hopes to build on the already functioning capacity to erect a scalable and more sustaining service franchise that will support the ecosystem of the bank’s trade business and diaspora banking services.
Union Bank UK started its operations in the city of London in 1983 to offer competitive banking services including personal banking, trade finance, treasury management, and structured trade and commodity finance which it provides to its individual and corporate clients.
