Union Bank Explains Fidelity Bank Acquisition Of It’s UK Bank Plc

We refer to the news regarding the announcement of the proposed acquisition of Union Bank UK Pic. (“UBUK”) by Fidelity Bank.

Recall that in 2020, Union Bank of Nigeria Plc. (“UBN”) or (“the Bank”) in a regulatory filing issued to the Nigeria Stock Exchange (NGX), the Bank announced that it had entered a Share Sale and Purchase Agreement to divest 100% of its equity stake in Union Bank UK Plc following a competitive bid process. This sale was in line with Union Bank’s strategy to streamline its focus on growth opportunities within Nigeria.

We also refer to another regulatory filing issued to the Nigeria Stock Exchange (NGX) in June 2022 announcing the completion of a Share Sale and Purchase Agreement (SSPA) between Union Bank of Nigeria Plc’s majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited (TTB), which effectively transferred 93.41 % of Union Bank’s issued share capital to TTB. This statement reaffirmed that Union Bank UK, a former Union Bank of Nigeria subsidiary, was not included in the sale.

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Therefore, the proposed sale of Union Bank UK stands alone and is not part of the recent transaction between Union Bank of Nigeria and Titan Trust Bank.

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