- Fidelity Bank has completed the acquisition of Union Bank UK, a subsidiary of the Union Bank of Nigeria
- The acquisition was officially announced in a corporate notice filed with the Nigerian Exchange Limited
- The Bank of England's Prudential Regulatory Authority has approved for the change of control of Union Bank UK
Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
Fidelity Bank has announced the completion of the acquisition of a 100% stake in Union Bank Plc United Kingdom(UBUK).
The deal, valued at N8.2 billion, marks a significant step for Fidelity Bank's as it move to expand its international footprint.
Fidelity Bank's message after take over of Union Bank
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
The statement reads:
“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 for change of control of UBUK.
“The acquisition of UBUK is in furtherance of Fidelity Bank Plc’s strategic initiatives on international expansion.”
CBN approves Fidelity Bank's acquisition
Punch reports that the bank had earlier received a letter of ‘No Objection’ to the transaction from the Central Bank of Nigeria.
In the corporate notice, the Board of Directors of the bank said:
“We are 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.”
Fidelity Bank ambition
Fidelity Bank Chief Executive Officer Nneka Onyeali-Ikpe in an earlier report, revealed plans to expand the bank's footprints internationally.
In Onyeali-Ikpe words:
"The strategy is for us to move footprint outside Nigeria and be able to compete favorably with our peers.
"In the next three years, we should be able to be in six countries by doing at least two yearly.
"We are committed to expanding our operations and reaching more customers across Africa.
"We believe there is a significant opportunity for growth in the African market, and we are committed to capitalizing on this."
Here is a list of Nigerian Banks in the UK
- The Access Bank UK
- Zenith Bank
- GTBank UK (Guaranty Trust Bank UK)
- FCMB Bank UK (First City Monument Bank UK)
- FirstBank UK
- UBA UK (United Bank for Africa UK)
Access Bank, GTCo, Zenith, and UBA pay shareholders highest dividends
Meanwhile, in another report, Legit.ng reported that Nigeria's Stock market investors had bumper harvests from their investments.
United Bank for Africa (UBA), Guarantee Trust Holdings, Zenith Bank, and Access Bank Holdings paid N236.43 billion dividend payout in 2022.
While Zenith Bank and GTCo recorded the most attractive dividend-paying stocks in the banking industry.