FIDELITY Bank Plc has decided to extend its banking dragnet to overseas in its proposed acquisition of a 100% equity stake in Union Bank Plc in the United Kingdom.
In a corporate filing on the Nigerian Exchange Limited on Tuesday, Fidelity Bank said the Central Bank of Nigeria had issued ‘No Objection’ to its proposed acquisition of the bank which commenced London operations in 1983.
The notice signed by Fidelity Bank’s Company Secretary, Ezinwa Unuigboje, said the transaction is still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.
Fidelity Bank’s Managing Director. Nneka Onyeali-Ikpe, said,
“This 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.”