The proposed 100% acquisition of Union Bank, UK, by Fidelity Bank would boost its Trade Finance and the African Distribution Network service excellence to customers and stakeholders. This was disclosed by the management of the bank in a recent briefing on the gains of acquiring UBN, UK.
According to the management, the transaction would support Fidelity Bank’s business capacity by strengthening the following areas of its operations:
- Personal Banking
- Trade Finance
- Treasury Services
- Structured Trade and Commodity Finance
It added that the investment was driven by the opportunities the acquisition presented to the bank, which include:
- Sound business model
- Solid regulatory capital
- Opportunity to Scale
- A Robust African Distribution Network
- An experienced management team
The bank’s management highlighted a key area that was its focus, improved service delivery to Nigerians in the United Kingdom, through improved product offerings. The bank said it would also be in a good position to provide international banking service support for high net worth individuals, HNIs.