Fidelity Bank Plc has received the final approval for the acquisition of Union Bank UK, marking the completion of the acquisition of the 100 per cent shares of the UK Bank by Fidelity.
Fidelity said the Prudential Regulatory Authority of the United Kingdom has approved the deal.
Union Bank UK has been in operation since 1983 offering banking services including personal banking, trades finance, treasury management and structured trade and community finance which offers to individual and corporate clients.
Advertisement
The acquisition process began in January 2020 when Fidelity bank approached shareholders and entered a share sale and purchase agreement to divest its 100 per cent equity stake in Union Bank UK Plc.
Afterwards, the lender notified investors in August 2022 that it was awaiting approval of the UK authorities.
“Further to the press release dated August 2, 2022 wherein Fidelity Bank Plc (the Bank) notified the General Public of its proposed 100 per cent acquisition of Union Bank UK Plc (UBUK), 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 Bank said on Wednesday.
Fidelity said the acquisition of Union Bank UK is in furtherance of the group’s strategic initiatives on international expansion.
The lender said, “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 the 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.”