Recall that Fidelity Bank Plc had entered into a binding agreement to acquire a 100 per cent equity stake in Union Bank UK Plc in August 2022.
The acquisition, which is in line with its expansion drive beyond the Nigerian market, was subject to the approval of the Prudential Regulatory Authority of the United Kingdom, which has now been approved.
Disclosing the announcement through a press statement sent to Nigeria Exchange Limited (NGX), the bank’s board said the acquisition is aimed at strengthening its strategic initiatives on international expansion and would unlock significant value for the Fidelity Bank Group.
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 (PRA) for change of control of UBUK.
“The acquisition of UBUK is in furtherance of Fidelity Bank Plc’s strategic initiatives on international expansion. The Central Bank of Nigeria had earlier issued a letter of “No Objection” to the transaction.
“The Board of Directors of the Bank is confident that 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.”
The Chief Executive Officer, Fidelity Bank, Mrs Nneka Onyeali-Ikpe, according to Bloomberg, said the strategy is for the bank to move its footprint outside Nigeria and be able to compete globally.
She said in the next three years, the bank should be in six countries by doing at least two every year.