All Posts in "Day: August 30, 2022"

Fidelity Bank plans to acquire 100% of Union Bank UK

By Favour Nnabugwu

 

 

Fidelity Bank Plc has announced its plan to acquire a 100 per cent equity stake in Union Bank Plc in the United Kingdom.

In a corporate filing on the Nigerian Exchange Limited on Tuesday, Fidelity Bank said the Central Bank of Nigeria had issued ‘No Objection’ to its proposed acquisition of the bank which commenced London operations in 1983.

The notice signed by Fidelity Bank’s Company Secretary, Ezinwa Unuigboje, said the transaction is still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.

Fidelity Bank’s Managing Director. Nneka Onyeali-Ikpe, said, “This transaction aligns with our strategic plan of expanding our service touch points beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients.”

“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.”

In June, Titan Trust Bank ‬Limited completed the takeover of Union Bank of Nigeria Plc which was one of Nigeria’s oldest banks.

Patoma Admin by — August 30, 2022 in Banking & Finance 0
CHI pays insurance Journalists claims from Group Personal Accident Insurance

By Favour Nnabugwu
A good number of Insurance Journalists covered under the group accident insurance policy sponsored by Consolidated Hallmark Insurance (CHI) Plc in it’s Corporate Social Responsibility, CRS, have so far been paid claims including the most recent one that ram under a trailer after being hit from behind.
As a responsible corporate citizen, CHI put in place for Insurance Journalists in the country, Group Personal Accident Insurance cover worth N24 million Sum Assured and the cover is being provided by the insurance company.
This gesture, according to the company, is part of its Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their duties are adequately protected.
Speaking on the development, the group managing director/CEO, CHI, Mr. Eddie Efekoha said that the gesture was to show the kind of values and respect his insurance firm has for journalism.
According to him, “Journalism is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.
The Journalists who are members of the National Association of Insurance and Pension Correspondents (NAIPCO) have been enjoying the feat from the insurance company over the years.
The company had promptly paid accident claims of a member who had an accident in February this year, while the second one took place in July.
The recent payment was for a member who had an accident when the car he was driving was hit by another vehicle from behind and pushed him under the trailer in front of him.
The fourth person was paid few years ago after a she had an accident while traveling with executive members of Nigeria Union of Journalists
However, covered under the group personal accident cover issued to NAIPCO, CHI stepped in to pay the hospital bills of the member while the victim has been discharged from the hospital and he is now in good health.
On her part, Chairperson, National Association of Insurance and Pension Correspondents (NAIPCO), Mrs. Nkechi Naeche-Esezobor, thanked the insurance firm on the claims paid, stating that, this is a testimony that insurance works and that insurers are actually paying genuine claims.
Patoma Admin by — August 30, 2022 in Insurance 0
First Guarantee Pension to be acquired by Access Holdings, approval received

By Favour Nnabugwu

 

First Guarantee Pension Limited is in the process of being acquired by Access Holdings for which regulatory approval for a majority equity stake ihas be received.

This is contained in a disclosure signed by Sunday Ekwochi, Company Secretary, titled, “Access Corporation announces receipt of full regulatory approval in respect of its acquisition of majority equity stake in First Guarantee Pension Limited.”

The Group believes the transaction is pivotal in its plan to evolve into to a financial service holding company positioned to gain relevant scale across Africa, global monetary centres and beyond-banking verticals.

Speaking on this development, Dr Herbert Wigwe, Group Chief Executive Officer, Access Corporation said, “this transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world. We will deploy our renowned culture of strong risk management, innovative technology and the best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders.”

This transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world,” he said.

“We will deploy our renowned culture of strong risk management, innovative technology and best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders.”

Patoma Admin by — August 30, 2022 in Banking & Finance 0