Fidelity Bank Plc has confirmed that it had entered into a binding agreement to acquire 100 per cent equity stake in Union Bank UK Plc.
In a corporate filing at the Nigerian Exchange Ltd. on Tuesday, the 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 was still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.
The bank said the acquisition was part of its expansion drive to expand and be able to deliver its services in such a way that it would exceed the needs of its growing clients.
It noted, “Union Bank UK commences operations from the heart of the city of London in 1983 to provide competitive banking services including personal banking, trades finance, treasury management and structured trade and community finance which offers to individual and corporate clients.”
Commenting on the agreement, Mrs. Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer, Fidelity Bank said, “This transaction aligns with our strategic plan of expanding our services touch points beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients.
“The diverse bouquet and business model of Union Bank UK offer 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.
In another development, Fidelity Bank Plc on Tuesday splashed N27 million on 13 customers in the final draw of its Get Alert In Millions Season 5 savings promo.
The cash prizes were in the categories of N10 million grand prize, N5 million, N2 million and N1 million, respectively.
Charles Ahiwe of Saka Tinubu Cash Centre won the star prize of N10 million, while Alaba Ajiloye of Gwagwalada branch and Udemuzue Okafor of Festac branch, emerged as the first and second runners-up winning N5 million and N2 million each.
Also 15 people won N5, 000 each via the bank’s social media platforms (Facebook, Instagram and Twitter).
The winners emerged through a process witnessed by representatives of the National Lottery Regulatory Commission, Federal Competition and Consumer Protection Commission and Lagos State Lotteries and Gaming Authority.
Speaking at the final draw, Ken Opara, Promo Chairperson and Executive Director, Lagos and South West, Fidelity Bank, said the fifth edition of the campaign was aimed at rewarding loyal customers who imbibed healthy savings culture.
He said the GAIM 5 campaign, which commenced in November 2021, was to support the Central Bank’s goal of driving financial inclusion in Nigeria.
“I am happy to report that over the last nine months that we have run the campaign, we have not only kept our promise of rewarding customers but have also recorded amazing stories of how the GAIM 5 cash rewards are transforming the lives of our customers and their communities.
“For instance, several customers have increased their working capital, purchased much needed equipment and are furthering their education all from their GAIM 5 prizes.
“This cements our reputation as the bank that empowers its customers. We have given out a total of N98 million in past weekly and monthly draws.
“Also, in this campaign, we held weekly consolation draws where 50 customers won N10, 000 each.
“Today, we would be selecting winners of cash prizes worth N27 million comprising 10 customers who would win N1 million each in the August monthly draw and winners of N2 million, N5 million and the star prize of N10 million in the grand draw,” he said.
Opara, represented by Lanre Showunmi, Chief Digital Officer, said the bank was grateful for the opportunity to improve her customers’ fortunes through the promo and re-emphasising its commitment to do more to help them meet their goals.
The formal presentation of the cash prizes to the winners would be made on September 7. (NAN)
