Fidelity Bank Nigeria Plc has acquired Union Bank UK, supported by a $40 million intra-African investment facility from Afreximbank. The financing, announced yesterday facilitated both the acquisition and recapitalization of Union Bank UK by the Nigerian commercial bank.
Afreximbank provided $40 million in total, with an initial $20 million used to partially refinance the acquisition of Union Bank UK's shares. The remaining amount bolstered Union Bank UK's capital base through additional injections.
The acquisition was completed nearly a year ago, following approvals from the Central Bank of Nigeria and the UK Prudential Regulation Authority in July 2023. Union Bank UK was rebranded as FidBank UK in February 2024 upon integration into Fidelity Bank's operations, diversifying its revenue base and expanding service offerings beyond Nigeria, as noted in Fidelity Bank's 2023 annual report.
"The refinancing of the Union Bank (UK) acquisition by Afreximbank will unlock additional value and help create a scalable and more sustaining service franchise that will support trade businesses in Africa and diaspora banking. We are very thankful to Afreximbank for supporting our expansionary initiatives for international growth,” said Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank.
FidBank marks Fidelity Bank's first entry into the international banking market.
Niger’s economy grew 10.3% in 2024 and is projected to expand 6.6% in 2025. Yet non-performin...
• Africa counts 211 active data centers, with 46% located in South Africa, Kenya, Nigeria, and Egypt...
Zenith Bank picks Côte d’Ivoire for $90M debut into Francophone Africa, confirming ambition t...
• Benin’s FeexPay and Côte d’Ivoire’s Cinetpay receive BCEAO payment service licenses• Both firms ex...
Indus Towers to expand into Nigeria, Uganda, and Zambia, leveraging Airtel and cost-efficient towe...
• Fortuna Mining allocates $19M to greenfields exploration in Côte d’Ivoire, Mexico, and Argentina.• Work near Séguéla mine targets Guiglo and...
Burundi’s central bank picks LSEG to modernize FX, liquidity, auctions, and market oversight systems. The deal, announced Sept. 10, 2025, features LSEG...
• Rwanda proposes bill to modernize 38-year-old traffic laws• New rules cover speed cameras, drug driving, digital monitoring• Reform targets road safety,...
• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol, education costs rise• Niger sees sharpest deflation;...
• Nigeria to turn Abuja stadium into culture, sports innovation hub• Project includes museum, arenas, markets, and youth creative center• Gov’t...
The Tomb of Askia is one of the most important historical and cultural monuments in Mali, inscribed on the UNESCO World Heritage List since 2004. Located...