Fidelity Bank Plc has announced its proposed acquisition of a 100% equity stake in Union Bank Plc in the United Kingdom.

In a corporate filing on the Nigerian Exchange Limited on Tuesday, Fidelity Bank said the Central Bank of Nigeria had issued ‘No Objection’ to its proposed acquisition of the bank which commenced London operations in 1983.

The notice signed by Fidelity Bank’s Company Secretary, Ezinwa Unuigboje, said the transaction is still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.

Fidelity Bank said the Central Bank of Nigeria (CBN) had issued “No Objection” letter for the deal.

Source: The Skuup