The Central Bank of Nigeria (CBN) and the Bank of England have taken a position on the acquisition of Union Bank UK Plc (UBUK) by Fidelity Bank a year after the deal was first publicly announced.
Both financial regulators gave no objection to the deal which will increase the asset value of Fidelity Bank. The approval was announced in a statement by Fidelity Bank on Wednesday.
Upon the approval of both countries’ central banks, Union Bank of Nigeria (UBN) will transfer 100 percent of the assets of its United Kingdom subsidiary to Fidelity Bank, leading to the international expansion of the latter.
