The bank said this in a corporate filing on the Nigerian Exchange Limited (NGX) signed by Ezinwa Unuigboje, the company secretary.
It also added that the transaction is still subject to the approval of the Prudential Regulatory Authority (PRA) of the United Kingdom.
Speaking on the agreement, Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, said the was a move to expand services from the local market and diversify.
“This transaction aligns with our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients,” she said.
“The diverse service bouquet and business model of Union Bank UK offered a compelling synergy, and we hope to build on the existing capacity to create a scalable and more sustaining service franchise that will support the wider ecosystem of our trade businesses and diaspora banking services.”
The Union Bank UK commenced London operations in 1983 to provide competitive banking services, including personal banking, trade finance, treasury management, and structured trade and commodity finance which it offers to individual and corporate clients.
Last year, Titan Trust Bank Limited (TTB) acquired Union Bank of Nigeria Plc.