Fidelity Bank seals acquisition deal with Union Bank

Subject to regulatory approval, Fidelity Bank Plc has sealed an acquisition deal with Union Bank Plc, which will see the bank acquiring 100% equity stake in Union Bank.

According to a disclosure signed by Ezinwa Unuigboje, the Company Secretary on the proposed acquisition, the transaction is subject to the approval of the Prudential Regulatory Authority of the United Kingdom.

Fidelity Bank said the development is in line with its expansion drive beyond the Nigerian market to enable it to deliver to its growing client.

Notifying the general public, Fidelity Bank Plc stated that it has entered into a binding agreement for the acquisition of 100% equity stake in Union Bank UK Plc for which the central bank has issued a letter of no objection.

It noted, “Union Bank UK commences operations from the heart of the city of London in 1983 to provide competitive banking services including personal banking, trades finance, treasury management and structured trade and community finance which offers to individual and corporate clients.”

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Commenting on the agreement, Mrs Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer, Fidelity Bank said, “This transaction aligns with our strategic plan of expanding our services touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients. The diverse bouquet and business model of union Bank UK offer 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.

The transaction is subject to the approval of the Prudential Regulatory Authority of the United Kingdom.

This is as the bank announced board changes that resulted from the resignation and subsequent retirement of the Directors from the Board of Union Bank and the appointment of new directors.

The Board of Directors of Union Bank also announced the appointment of Mr. Mudassir Amray as the Chief Executive Officer, effective 2nd June 2022 and Mr. Farouk Mohammed Gumel as the Bank’s Chairman.