Freedom Post reports that Union Bank UK plc, a UK incorporated bank, is a wholly-owned subsidiary of the Union Bank of Nigeria and TitanTrust Bank Limited had purchased a controlling stake in Nigeria’s second-oldest lender.

The Company Secretary, Fidelity Bank, Ezinwa Unuigboje in a statement on the Nigerian Exchange Limited (NGX) said, “Fidelity bank hereby notifies the general pubic that it has entered into a binding agreement for the acquisition of 100 per cent equity stake in Union Bank UK Plc for which the CBN has issued a letter of “No Objection”.

“Union Bank UK commenced operations from the heart of the City of London in 1983 to provide competitive banking services including Personal Banking, Trade Finance, Treasury Management, and Structured Trade and Commodity Finance which it offers to individual and corporate clients.

Commenting on the agreement, managing director/chief executive officer, Fidelity bank, Mrs. Nneka Onyeali-Ikpe in a statement said, “This transaction aligns with our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients.

“The diverse service bouquet and business model of Union Bank UK offered 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.”

The transaction is subject to the approval of the prudential regulatory authority (PRA) of the United Kingdom.