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Fidelity Bank Acquires Union Bank UK, Dispels Rumors of Shutdown

In a move to expand its reach and services, Fidelity Bank Nigeria Plc has acquired Union Bank UK, with the support of a $40 million intra-African investment facility from the African Export-Import Bank (Afreximbank). This acquisition enables Fidelity Bank to establish a new financial institution that spans Africa, catering to the banking needs of Africans living abroad and offering offshore banking and correspondent banking services to African institutions.

Afreximbank’s strategy aims to promote African control and ownership of capital, enhance intra-African trade and investments, and encourage the integration of the African Diaspora with the continent. The acquisition is expected to boost trade flows between Nigeria and the UK, enhance export competitiveness, and contribute to Africa’s economic growth and development.

Dispelling rumors of a potential shutdown, the Central Bank of Nigeria (CBN) has reassured the public of the safety of deposits and the resilience of the banking system, stating that there are no plans to revoke the licenses of Fidelity, Polaris, Wema, and Unity Banks.

Fidelity Bank’s acquisition of Union Bank UK marks a significant milestone in the banking industry, demonstrating the potential for African firms to acquire financial assets and reinforce their presence in the global financial landscape.

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