WED, 31 AUG, 2022-theGBJournal| Fidelity Bank Plc has confirmed that the Central Bank of Nigeria has issued a letter of ‘’No Objection’’ to its move to acquire 100% stake in Union Bank UK Plc, a wholly owned subsidiary of Union Bank of Nigeria.
Union Bank UK commenced operations in the heart of City of London in 1983 to provide competitive banking services including personal banking, trade finance, treasury management, and structured trade and commodity finance which it offers to individual and corporate clients.
‘’This transaction aligns with our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients,’’ says Mrs Nneka Onyeali-Ikpe, the managing director/chief executive officer, Fidelity Bank Plc.
She said 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 said the transaction is subject to the approval of the Prudential Regulatory Authority (PRA) of the United Kingdom.
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