The board of Fidelity Bank Plc, on Tuesday said it recently entered into a binding agreement for the acquisition of 100% equity stake in Union Bank UK Plc, following receipt of a “No Objection” letter from the Central Bank of Nigeria (CBN).

A notification on the Nigerian Exchange Limited platform by Ezinwa Unuigboje, the Company Secretary, explained that the transaction is now subject to approval by the UK’s Prudential Regulatory Authority (PRA).

Reacting to the deal, Mrs. Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer of Fidelity Bank Plc, as saying the “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, she continued, “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.”