Fidelity Bank Seals the Deal on 100% Takeover of Union Bank UK

In a significant move that underscores its global ambitions, Fidelity Bank recently announced that it has successfully completed the acquisition of Union Bank UK, a subsidiary of Union Bank Plc.

The news was made public in a corporate disclosure filed with the Nigerian Exchange Limited.

Fidelity Bank stated that this acquisition is a follow-up to its initial notice made on the 2nd of August 2022, marking a pivotal step in the bank’s strategy to broaden its international reach.

The bank in a statement said, “We’re thrilled to confirm that the transaction has been finalised and that we’ve received the green light from the Bank of England’s Prudential Regulatory Authority (PRA) for the change of control of Union Bank UK.”

What you need to know

The Central Bank of Nigeria had earlier given its nod to the deal, issuing a letter of “No Objection,” which paved the way for a smooth completion process.

Ezinwa Unuigboje, the company secretary, added, “Our Board of Directors is optimistic that this acquisition will unlock substantial value for the Fidelity Bank Group. We’re already taking steps to ensure a seamless integration between the two entities.”

Fidelity Bank: Future Plans

In an interview with newsmen, Fidelity Bank’s CEO, Nneka Onyeali-Ikpesaid, “Our strategy is to extend our footprint beyond Nigeria and compete on a global scale. Within the next three years, we aim to establish a presence in at least six countries, entering two each year.”

Onyeali-Ikpe also mentioned that the acquisition is part of Fidelity Bank’s broader expansion strategy across the African continent, with plans to venture into five other African nations.

Reactions on social media

The news has sparked considerable excitement on social media platforms, especially on X, formerly known as Twitter.

Users have been overwhelmingly supportive of Fidelity Bank’s latest move. Emmanuel Odunsi tweeted, “Fidelity is joining FUGAZ very soon,” while another user, Sheikh il Primo, commented, “That’s actually a big move for Fidelity.”