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Fidelity Bank’s Foot, Firmly In The Door To International Banking: Completes 100% Acquisition Of Union Bank UK

The Oasis Reporters

September 14, 2023





Fidelity Bank Plc has firmly joined the league of Nigerian banks making waves on the global circuit with the completion of it’s acquisition of a 100% stake in Union Bank Plc UK.

This was disclosed via a press release statement sent to Nigeria Exchange Limited (NGX).

The bank noted that the acquisition is aimed at strengthening its “strategic initiatives on international expansion.”

The Board at Fidelity Bank says the acquisition of Union Bank UK would “unlock significant value for the Fidelity Bank Group”.

It says, “further to the press release dated August 2, 2022, wherein Fidelity Bank Plc (the Bank) notified the General Public of its proposed 100% acquisition of Union Bank UK PIC (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 acquisition of UBUK is in furtherance of Fidelity Bank Plc’s strategic initiatives on international expansion.

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 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”

Fidelity Bank had disclosed that following the completion of the acquisition of Union Bank UK, it would expand into 5 African countries via acquisition.

In a phone interview with Bloomberg, the CEO of Fidelity Bank, Mrs Nneka Onyeali-Ikpe said:


“The strategy is for us to move our footprint outside Nigeria and be able to compete favourably with our peers. In the next three years, we should be able to be in six countries by doing at least two every year.”

In August 2022, Fidelity Bank Plc entered into a binding agreement to acquire a 100% equity stake in Union Bank UK Plc.

The acquisition was subject to the approval of the Prudential Regulatory Authority of the United Kingdom (which has now been approved).

Fidelity Bank said the development is in line with its expansion drive beyond the Nigerian market to enable it to deliver to its growing clients.


The bank recently released an impressive 204.4% growth in Profit Before Tax for
H1 2023, indicating a rise to N76.3bn according to the bank’s recently issued financial statement which declared an interim dividend of 25k Per Share, a 150% increase compared to the 10k interim dividend in 2022FY


In the report, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc said that the financial institution has ‘experienced quality growth across all financial and non-financial indices’.

It was reported in June 2023 that as part of efforts to boost Nigeria’s foreign exchange earnings, the Nigerian Export-Import Bank (NEXIM) announced a strategic partnership Fidelity Bank Plc and Sapphital Learning Ltd to help improve the skills and performance of export businesses in Nigeria by leveraging the NEXIM Export Academy (NEXA); an online platform that provides exporters with capacity-building training and access to finance to scale their business.



Thus, putting a foot in the door to international banking, seems a veritable outcome to serve the foreign exchange earnings strategy, a concrete avenue.

Greg Abolo with agency reports.

Greg Abolo

Blogger at The Oasis Reporters.

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