Fidelity Bank of Nigeria has bought the Union Bank UK, to expand her trade businesses and diaspora banking services between the African and European continents
Managing Director and Chief Executive Officer of Fidelity Bank, Nneka Onyeali-lkpe, explained that the buy over gives Fidelity Bank 100% equity stake and will expand the company’s operation in UK.
She also mentioned on Tuesday, that the transaction will help boost our client base in the UK as well.
Onyeali-Ikpe said, “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.”
She further stated that, “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 has however gotten the approval of the Central Bank of Nigeria (CBN) to acquire Union Bank UK.
Recall that the owners of Union Bank had also sold the Nigerian branches to Titan Trust Bank in June 2022. Titan Trust Bank acquired 93.41 percent stake in Union Bank Nigerian.