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Fidelity Bank has agreed to take over the United Kingdom unit of Nigeria’s second oldest lender, Union Bank, the former said Tuesday.
It is the latest phase in the train of divestments by the latter which, beginning late last year, saw Union Bank offload 90 per cent of its shareholding to a new owner, Titan Trust.
Fidelity Bank will be acquiring Union Bank UK 100 per cent if the deal goes through, according to a binding agreement between the two stated in a regulatory filing published by the Nigerian Exchange.
More details shortly…