Fidelity Bank says its completed a 100% takeover of Union Bank UK, after receiving approvals from regulatory bodies.
“…. the bank is pleased to announced the completion of the transaction and receipt of the approval of the Bank of England’s Prudentiary Regulatory Authority (PRA) for change of control of UBUK,” it said Wednesday in a regulatory filing, referring to Union Bank UK Plc.
The Central Bank of Nigeria has earlier given approval, it said.
The bank first announced its bid to buy Union Bank UK in August 2022.
It was the latest of Union Bank’s divestments. The bank had earlier offloaded 90% of its shareholding to Titan Trust Bank.
The acquisition is Fidelity Bank’s first operation outside its base Nigeria.
“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,” Fidelity Bank’s chief, Nneka Onyeali-Ikpe, had said when the deal was first announced last year.
Discover more from Pluboard
Subscribe to get the latest posts sent to your email.