November 29, 2022

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Constancy Financial institution declares plans to accumulate Union Financial institution UK, stakeholders reacts


Main monetary establishment, Constancy Financial institution Plc, has intimated the general public of its proposed acquisition of Union Financial institution UK as a part of its enlargement plans.

In a regulatory submitting issued on the Nigeria Change (NGX) on Tuesday, 30 August 2022, the financial institution acknowledged that it has entered right into a binding settlement for the acquisition of 100% fairness stake in Union Financial institution United Kingdom Restricted, for which the Central Financial institution of Nigeria has issued a letter of “No Objection”.

The transaction is nevertheless topic to the approval of the UK’s Prudential Regulatory Authority (PRA).

Commenting on the transaction, Managing Director/Chief Government Officer, Constancy Financial institution Plc, Nneka Onyeali-Ikpe acknowledged, “This transaction aligns with our strategic plan of increasing our service touchpoints past the Nigerian market and offering straight-through providers that meet and exceed the wants of our rising shoppers.”

The proposed acquisition marks Constancy Financial institution’s first foray into the worldwide market and indicators yet one more milestone within the financial institution’s growing profile as a number one African financial institution.

It might be recalled that famend scores company, Fitch Rankings lately upgraded the financial institution’s long-term issuer default ranking (IDR) from ‘B-’ to ‘B’, reflecting the financial institution’s elevated creditworthiness in addition to its Nationwide Lengthy-Time period Score to ‘A(nga)’ from ‘BBB+(nga)’.

Normal and Poor’s, one other world scores company additionally upgraded the financial institution’s nationwide scale scores to ‘ngBBB/ngA-2′ from ‘ngBBB-/ngA-3’ in recognition of its resilience and efficiency via the cycle.

“The various service bouquet and enterprise mannequin of Union Financial institution UK provided a compelling synergy, and we hope to construct on the present capability to create a scalable and extra sustaining service franchise that may assist the broader ecosystem of our commerce companies and diaspora banking providers”, explains Onyeali-Ikpe.

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