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Fidelity Bank Moves To Acquire Union Bank UK Subsidiary

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Fidelity Bank Plc on Tuesday said it plans to acquire a 100 per cent equity stake in Union Bank Plc subsidiary in the United Kingdom.

In a regulatory filing on the Nigerian Exchange Limited on Tuesday, Fidelity Bank said already, the Central Bank of Nigeria (CBN) had issued ‘No Objection’ to its proposed acquisition of the bank which commenced London operations in 1983.

The commercial lender said the transaction is still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.

Fidelity Bank’s Managing Director. Nneka Onyeali-Ikpe in her comment on the transaction said, “This transaction aligns with our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients.

“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.”

The Union Bank in Nigeria has been acquired by a smaller lender, Titan Trust Bank ‬Limited, which completed the takeover of the UBN in June.

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