Fidelity Bank Plc has notified the investing public that it has completed the 100% acquisition of Union Bank Plc UK (UBUK). This is upon the approval of the Bank of England’s Prudential Regulatory Authority (PRA) for change of control UBUK.
The acquisition of UBUK is in furtherance of Fidelity Bank’s strategic initiatives on international expansion. The Central Bank of Nigeria had earlier issued a letter of ‘No Objection’ to the transaction.
The Board of Directors of the Bank is confident that the acquisition will unlock significant value for the Fidelity Bank Group and is taking action to ensure seamless integration of the operation of both entities.