Why Fidelity Bank’s Purchase of Union Bank UK?

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Fidelity Bank has successfully acquired a 100% stake in Union Bank Plc United Kingdom (UBUK) in a deal valued at N8.2 billion. This strategic move marks a significant step for Fidelity Bank as it endeavors to broaden its international reach.

The acquisition received official approval from the Bank of England’s Prudential Regulatory Authority, as stated in a corporate notice filed with the Nigerian Exchange Limited (NGX). It follows Fidelity Bank’s earlier receipt of a ‘No Objection’ letter from the Central Bank of Nigeria (CBN), further solidifying the transaction.In their official statement,

Fidelity Bank’s Board of Directors expressed confidence that this acquisition would unlock substantial value for the Fidelity Bank Group. They are actively working on ensuring the seamless integration of the operations of both entities.

Nneka Onyeali-Ikpe, the Chief Executive Officer of Fidelity Bank, previously revealed the bank’s ambitious plans for international expansion. She articulated the bank’s vision of expanding its footprint outside Nigeria, aiming to compete effectively with its peers.

The bank’s goal is to establish a presence in at least six countries over the next three years, reflecting its commitment to tapping into the significant growth opportunities in the African market.

Fidelity Bank now joins other Nigerian banks with a presence in the UK, including Access Bank UK, Zenith Bank, GTBank UK (Guaranty Trust Bank UK), FCMB Bank UK (First City Monument Bank UK), and FirstBank UK.

This move underscores the ongoing globalization of Nigerian banks as they seek to expand their influence beyond national borders.

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