Fidelity Bank Plc has announced the completion of the acquisition of a 100 per cent stake in Union Bank Plc UK.
In a statement to the investing community through the Nigerian Exchange Limited (NGX) on Wednesday, the bank explained that the acquisition is aimed at strengthening the bank’s strategic initiatives on international expansion.
“Further to the press release dated August 2, 2022, wherein Fidelity Bank Plc (the Bank) notified the General Public of its proposed 100% acquisition of Union Bank UK PIC (UBUK), the Bank is pleased to announce the completion of the transaction and receipt of the approval of the Bank of England’s Prudential Regulatory Authority (PRA) for change of control of UBUK,” the statement signed by the Company Secretary, Ezinwa Uningboje, said.
The bank noted that the Central Bank of Nigeria (CBN) had earlier issued a letter of “No Objection” to the acquisition of UBUK, which was in furtherance of Fidelity Bank Plc’s strategic initiatives on international expansion.
“The Board of Directors of the Bank is confident that 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.”
It will be recalled that in August 2022, Fidelity Bank Plc entered into a binding agreement to acquire a 100 percent equity stake in Union Bank UK Plc, subject to the approval of the Prudential Regulatory Authority of the United Kingdom.