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.