By Tolulope Oke
Fidelity Bank Plc has entered into a binding agreement to acquire a 100% equity stake in Union Bank UK Plc.
According to Fidelity Bank, the development is consistent with its effort to expand outside of the Nigerian market in order to better serve its expanding clientele.
The disclosure reads: “Union Bank UK commences operations from the heart of the city of London in 1983 to provide competitive banking services including personal banking, trades finance, treasury management and structured trade and community finance which offers to individual and corporate client.”
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Commenting on the agreement, Mrs Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer, Fidelity Bank said, “This transaction aligns with our strategic plan of expanding our services touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients. The diverse bouquet and business model of union Bank UK offer 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
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