Nigeria’s commercial bank, Fidelity Bank Plc, has proposed to acquire 100 percent equity stake of Union Bank UK 100 after a binding agreement it entered with the bank.
Fidelity Bank disclosed this to the Nigerian Exchange Limited, NGX and stated that the Central Bank of Nigeria, CBN has issued a no objection.
It is the newest phase in the divestment train of Union Bank which saw it sell 90 percent of its shareholding to a new owner, Titan Trust.
If the deal goes through, Fidelity Bank will acquire Union Bank UK 100 percent, according to a binding agreement between the two stated in a regulatory filing published by the Exchange.
The deal permits SME-focused Fidelity Bank, which holds an international banking permit but has never operated outside Nigeria, entrance into the UK market where, Union Bank first stepped to offer personal banking, treasury management, and structured trade and commodity finance services in 1983.
While talking about the development, Fidelity Bank’s chief, Nneka Onyeali-Ikpe said: “The diverse service bouquet and business model of Union Bank UK offered a compelling synergy, and we hope to build on the existing capacity to create a scalable and more sustaining service franchise that will support the wider ecosystem of our trade businesses and diaspora banking services.”
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