Fidelity Bank Plc has officially announced the successful completion of its acquisition of a 100% stake in Union Bank Plc UK.
This strategic move was disclosed through a press release statement disseminated to the Nigeria Exchange Limited (NGX) and shared with the media.
The motive behind this acquisition, as stated by Fidelity Bank, is to fortify its “strategic initiatives on international expansion.”
Fidelity bank board expects significant value boost
The Board of Directors at Fidelity Bank believes that this acquisition of Union Bank UK will bring about substantial value enhancement for the Fidelity Bank Group.
In the press release, Fidelity Bank stated:
“In line with 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 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.
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.”