Fidelity Bank announces 100% acquisition of Union Bank

Fidelity Bank Plc has announced the completion of the acquisition of a 100% stake in Union Bank Plc.

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

According to Bloomberg, the CEO of Fidelity Bank, the Chief Executive of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, made this disclosure.

The Bank noted that following the completion of the acquisition of Union Bank UK, it would expand into five African countries via acquisition.

“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,” CEO of Fidelity Bank, Mrs Nneka Onyeali-Ikpe said.

Fidelity Bank Plc in August 2022 entered into a binding agreement to acquire a 100 per cent equity stake in Union Bank UK Plc.