The managing director of Fidelity Bank Plc, Nneka Onyeali-Ikpe has disclosed that the tier 2 bank is poised to expand its financial services beyond Nigeria.
Onyeali-Ikpe spoke following the complete acquisition of Union Bank, the United Kingdom by the bank. Fidelity Bank said in a corporate filing that it has acquired 100 per stake in the bank.
She said the bank is now operating on a scale that supports global banking services.
According to the Fidelity Bank chief executive, “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.
“The diverse service bouquet and business model of Union Bank UK 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.”
The bank stated in a filing to the Nigeria Exchange, NGX Limited by its Company Secretary, Ezinwa Unuigboje that it has met all regulatory approval for the transaction.
The transaction, the bank further stated is still subject to the Prudential Regulatory Authority of the United Kingdom approval. The Union Bank UK was formerly owned by Union Bank Nigeria, UBN before the latter was acquired by Titan Bank two months ago.
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