Contrary to reports in some sections of the media, Union Bank UK, which Fidelity Bank announced it has reached an agreement to acquire, is not part of the Union Bank of Nigeria, recently acquired by Titan Trust Bank . Recall that earlier in the year, TTB, through its parent company, Tropical General Investments Group .
The deal, regarded as one of the largest acquisition deals in the history of banking in Nigeria, with an off-market deal worth ₦191 billion, has since positioned the lender to compete with other long-standing and well-rooted Nigerian banks.Findings, however, reveal that the ownership transfer excludes Union Bank UK, a former subsidiary of Union Bank of Nigeria.
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