In a significant step towards reinforcing African dominance in global finance, the African Export-Import Bank (Afreximbank) has propelled Fidelity Bank Nigeria Plc’s ambitious UK expansion with a $40 million investment. This crucial funding supports Fidelity Bank’s acquisition and recapitalization of Union Bank UK, marking a significant milestone in African financial integration.
The financial injection, delivered in two tranches of $20 million, is designed to refinance the acquisition and provide a vital equity boost to Union Bank UK. This strategic move is in perfect harmony with Afreximbank’s goals of enhancing African ownership, fostering intra-African trade, and solidifying financial ties with the diaspora.
Kanayo Awani, Executive Vice President of Afreximbank’s Intra-African Trade Bank and Export Development, emphasized the importance of this initiative. “Fidelity Bank’s acquisition of Union Bank UK epitomizes a pivotal moment for African financial sovereignty. It’s a testament to our commitment to fortifying African presence in the global financial arena,” Awani declared.
This acquisition is expected to serve as a catalyst for economic growth across Africa by augmenting trade finance and facilitating trade flows between Nigeria and the UK. Moreover, it aims to integrate the African Diaspora into regional and continental supply chains, bolstering the export capabilities of small and medium-sized enterprises (SMEs) across the continent.
Dr. Nneka Onyeali-Ikpe, Managing Director and CEO of Fidelity Bank, expressed deep appreciation for Afreximbank’s unwavering support. “This refinancing not only unlocks additional value but also establishes a scalable, sustainable service franchise poised to support trade businesses in Africa and the diaspora,” Onyeali-Ikpe affirmed.
The acquisition and recapitalization of Union Bank UK, underpinned by Afreximbank, symbolizes a leap towards African ownership and control in the global financial landscape. It reflects a broader vision of empowering African institutions to lead and thrive on the world stage.
As Fidelity Bank embarks on this transformative journey, the collaboration with Afreximbank highlights a shared vision of economic empowerment and integration. This partnership sets a dynamic precedent for future endeavors, aiming to elevate African economies and solidify their influence within the global financial system.
