Fidelity Bank Successfully Takes Over Union Bank: CBN and Bank of England's Approval

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Amazin Zion

Amazin Zion

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Mar 1, 2023
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On Wednesday, Fidelity Bank announced to the public that they had completed the 100% acquisition of Union Bank UK, a subsidiary of Union Bank Plc.

Fidelity Bank, which is known as a tier-2 financial institution in Nigeria, intends to move to the tier-1 category.

It was last year that the lender announced that it was planning to take full control of Union Bank UK as part of its growth strategy.

This was disclosed in the filing sent to the Nigerian Exchange (NGX) Limited. Fidelity Bank said that it completed the acquisition on August 2, 2022, and it's looking to expand its international portfolio.

The Bank Stated,
  • The bank is pleased to announce the completion of the transaction and receipt of the approval of the Bank of England’s Prudential Regulatory Authority (PRA) for the change of control of UBUK.
Also, Fidelity Bank said that the Central Bank of Nigeria issued a letter of "No Objection" which made it easier for the transaction to be completed successfully.

Read more: https://www.investingport.com/fidel...union-bank-cbn-and-bank-of-englands-approval/
 
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