Fidelity Bank Plc has completed its acquisition of Union Bank UK, marking the Nigerian bank's first venture into the international market. The bank received approval for this change of control from the Bank of England's Prudential (LON:PRU) Regulatory Authority (PRA) on Thursday, as well as a letter of "No Objection" from the Central Bank of Nigeria.
The acquisition, which sees Fidelity Bank taking a 100% equity stake in Union Bank UK (UBUK), is part of Fidelity's strategic initiative to expand internationally. In a notice to investors on Wednesday, Fidelity Bank stated that its Board of Directors is confident that this acquisition will unlock significant value for the group and that steps are being taken to ensure a seamless integration of both entities' operations.
In addition to this milestone, Fidelity Bank has announced plans to extend its footprint beyond Nigeria. Following the completion of the Union Bank UK acquisition, the bank aims to expand into five other African countries through similar acquisitions.
The initial announcement about Fidelity Bank's intention to acquire UBUK was made on August 2, 2022. This strategic move aligns with the bank's plan of expanding its service touchpoints beyond the Nigerian market and meeting the needs of its growing clientele base.
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