Union Bank UK Set To Sell Off 100% Equity To Fidelity Bank

United Kingdom branch of Union Bank, has entered into a deal with Fidelity Bank for 100 percent acquisition of the equity shares of the bank.

Fidelity Bank will be acquiring Union Bank UK 100 per cent if the deal goes through, according to a binding agreement between the two, published by the Nigerian Exchange.

The take over agreement of one of Nigeria’s oldest lender revealed on Tuesday, is the latest phase in the train of divestments by the Union Bank which, beginning late last year.

www.bigpenngr.com understands that the initial stage saw Union Bank offload 90 per cent of its shareholding to a new owner, Titan Trust.