13th September, 2023
Fidelity Bank said it has completed the acquisition of Union Bank UK plc, the company’s board secretary Ezinwa Unuigboje told the Nigerian Exchange today.
In a statement, Unuigboje said the acquisition of Union Bank UK plc is 100 percent adding that the bank has receipt of the approval of the Bank of England’s Prudential Regulatory Authority(PRA) for the change of control.
“The acquisition of UBUK is in furtherance of Fidelity Bank Plc’s strategic initiatives on international expansion. The Central Bank of Nigeria had earlier issued a letter of ‘No Objection’ to the transaction”, he said.
“The Board of Directors of the bank is confident that the 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”.Unuigboje added.
UBUK Plc became a subsidiary of Union Bank in 2018.
The sale of the UK operations comes amid the takeover of the local bank by Titan Trust Bank, which has offered to buy out minority shareholders at N7 per share.