Fidelity Bank Plc has entered a binding agreement to acquire a 100 percent equity stake in Union Bank UK Plc.
The bank said this in a corporate filing on the Nigerian Exchange Limited signed by Ezinwa Unuigboje, the company secretary.
Fidelity Bank said the Central Bank of Nigeria (CBN) had issued “No Objection” letter for the deal.
The transaction is still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.
Speaking on the agreement, Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, said the was a move to expand services from the local market and diversify.