Fidelity Bank Plc has announced that it has entered into a binding agreement for the acquisition of 100 per cent equity stake in the United Kingdom arm of Union Bank Plc following a letter of “No Objection” issued by the Central Bank of Nigeria (CBN).

This was revealed in a statement issued by Fidelity Bank and signed by its company secretary,  Ezinwa Unuignoje, through the Nigeria Exchange Group to the investing public on Tuesday morning.

Union Bank UK commenced operations from the heart of the City of London in 1983 to provide competitive banking services including Personal Banking, Trade Finance, Treasury Management, and Structured Trade and Commodity Finance which it offer to individual and corporate clients.

Commenting on the agreement, the Managing Director and Chief Executive, Fidelity Bank Plc, Mrs. Nneka 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.

“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.”

The transaction is, however, subject to the approval of the Prudential Regulatory Authority (PRA) of the United Kingdom.