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Business News of Tuesday, 30 August 2022

Source: www.nairametrics.com

Fidelity Bank set to acquire 100% equity in Union Bank UK Plc

Union Bank Union Bank

Fidelity Bank Plc has entered into a binding agreement to acquire 100% equity stake in Union Bank UK Plc.

According to a disclosure signed by Ezinwa Unuigboje, the Company Secretary on the proposed acquisition of 100% equity stake in Union Bank UK Plc by Fidelity Bank Plc, 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.

What they are saying

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.”

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.

What you should know

Nairametrics had reported a few months ago that Titan Trust Bank completed the acquisition of majority stake in Union Bank Plc.

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.