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.

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.

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

The Telegraph recalls that in August last year, Fidelity Bank Plc entered into a binding agreement to acquire a 100 per cent equity stake in Union Bank UK Plc.