Constancy Financial institution Plc has introduced plans to fully purchase 100 per cent fairness in Union Financial institution Plc UK.
Constancy Financial institution mentioned on Tuesday in a regulatory submitting on the Nigeria Change Ltd that it reached an settlement to accumulate “100 per cent fairness stake in Union Financial institution UK Plc.”
The financial institution believes the sale is aligned with its technique to geographically streamline its enterprise operations to give attention to progress alternatives in Nigeria.
However the topic to the approval of the Prudential Regulatory Authority of the UK
Nneka Onyeali-Ikpe, the Managing Director/Chief Govt Officer, Constancy Financial institution mentioned, “This transaction aligns with our strategic plan of increasing our providers touchpoints past the Nigerian market and offering straight-through providers that meet and exceed the wants of our rising purchasers.
“The various bouquet and enterprise mannequin of Union Financial institution UK provide a compelling synergy and we hope to construct on the present capability to create a scalable and extra sustaining service franchise that may help the broader ecosystem of our commerce companies and diaspora banking providers.”
In January 2020, the financial institution it has entered a share sale and buy settlement to divest of its 100% fairness stake in Union Financial institution UK Plc.