Fidelity Bank Plc has acquired a 100 percent stake in Union Bank Plc UK, as confirmed in a statement released through the Nigerian Exchange Limited (NGX) on Wednesday.
According to the statement, signed by the Company Secretary Ezinwa Uningboje, the move is part of the bank’s strategy for international expansion.
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“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 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.
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“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.