Fidelity Bank Plc has successfully acquired a 100% stake in Union Bank UK Plc, a move aimed at advancing its international expansion strategy. The acquisition received approval from the Bank of England’s Prudential Regulatory Authority (PRA). According to the bank, this acquisition will “unlock significant value for the Fidelity Bank Group” as it strengthens its presence in the global market.
Fidelity Bank’s CEO, Mrs. Nneka Onyeali-Ikpe, stated that the bank’s strategy is to expand its footprint outside Nigeria and compete effectively with its peers. She revealed plans to enter six countries within the next three years, with at least two acquisitions annually. This acquisition marks a significant step in Fidelity Bank’s journey toward becoming a formidable player in the African and international financial landscape.
The acquisition of Union Bank UK aligns with Fidelity Bank’s broader goals of providing enhanced services to its growing client base and expanding its reach beyond the Nigerian market.
This acquisition is poised to open new opportunities for Fidelity Bank as it ventures into international markets, strengthening its position as a key player in the global financial industry.
