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Fidelity Bank Plc has announced plans to expand its operations in at least five African countries following the acquisition of the London unit of Union Bank of Nigeria Plc.
The bank is currently negotiating a second purchase, with the aim of completing the transaction this year.
Fidelity Bank’s CEO, Nneka Onyeali-Ikpe, stated that the bank’s strategy is to expand its footprint outside of Nigeria and compete with its peers.
The bank plans to be in six countries within the next three years, with at least two acquisitions per year.
Fidelity Bank is interested in countries within West, East, and Southern Africa.
The bank’s shares have risen 32% this year, making it the best-performing bank in Nigeria.
Fidelity Bank plans to use the 13.8 billion naira it raised in a private placement earlier this year for the acquisitions. The bank will also use retained earnings to expand.
The slow economic recovery in Nigeria, currency devaluations, and acute dollar shortages are forcing lenders to look outside to curb their risks and widen opportunities.
Fidelity Bank’s private banking customers are interested in doing business and acquiring properties in the UK and its environs, and the bank expects a lot of growth from these business opportunities.
This article was updated 10 months ago
