Two months after a two-year-old Titan Trust Bank acquired Union Bank Nigeria, the UK branch of the 105-year-old is ready to be acquired by a 34-year-old Fidelity Bank.
Fidelity Bank entered into a binding agreement to buy a 100 per cent equity stake in the UK operations of Union Bank.
Acquisition yet to receive approval Ezinwa Unigboj, the company’s secretary, stated in a disclosure signed that the proposed stake in Union Bank UK is subject to the approval of the regulatory agency Prudential Regulatory Authority of the United Kingdom.
Fidelity Bank stated the move is in line with its plan to expand its operations beyond the shores of Nigeria and enable it to deliver to its growing clientele. Fidelity Bank stated in a public notice that the Central Bank of Nigeria had issued no letter of objection to the proposed acquisition.
The Managing Director and CEO of Fidelity Bank, Nneka Onyeali-Ikpe, said the transaction is in line with the bank’s strategic plan of growing its services to touchpoints beyond the Nigerian market and providing services that satisfy and exceed the needs of its growing clients.
The two-year-old bank backed by a former Central Bank of Nigeria deputy governor, Tunde Lemo, acquire 89.4 per cent interest in Union Bank in a deal worth over N191 billion and will take its place as one of the biggest deals in recent years on the capital market.
The closest to Titan Trust Bank are N120 billion Crown Mills paid to acquire Dangote Flour Mills, N91 billion NIPCO paid for a majority share in Mobil Nigeria, N72 billion merger between Access Bank and Diamond Bank Plc.