Fidelity BankĀ on Wednesday announced the completion of its 100 percent acquisition of Union Bank UK, a subsidiary of Union Bank Plc.
This development was disclosed in the corporate disclosure filed with the Nigerian Exchange Limited.
The bank said that this completion is furtherance to its notice of acquisition made on August 2, 2022, and signifies the bankās intent to expand its international portfolio.
The bank said, āThe bank is pleased to announce the completion of the transaction and receipt of the approval of the Bank of Englandās Prudential Regulatory Authority (PRA) for the change of control of UBUK.ā
The bank said that the Central Bank of Nigeria had earlier issued a letter of āNo Objectionā to the transaction, making it easy for this completion process.
In the press statement signed by Ezinwa Unuigboje, company secretary, the bank further added that āthe 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 the seamless integration of the operations of both entities.ā
Speaking on this development to Bloomberg, Nneka Onyeali-Ikpe, the bank CEO, said, āThe strategy is for us to move our footprint outside Nigeria and compete favourably with our peers. In the next three years, we should be able to be in six countries by doing at least two yearlyā.
Onyeali-Ikpe added that the acquisition is part of the bankās expansion drive on the continent of Africa, especially as they plan to enter five other African countries.
The recent move by the bank hasnāt gone on notice on social media, especially on X, formerly known as Twitter, as people have been excited over this move.
On the Kalu Ajah Twitter handle, most of the tweeps have shown overwhelming support for this acquisition. Emmanuel Odunsi, reacting to the announcement, said, āFidelity is joining FUGAZ very soon.ā
Another tweep, Sheikh il Primo, said, āThatās actually a big move for fidelity.ā