The African Export-Import Bank (Afreximbank) has announced the disbursement of a $40 million Intra-African Investment Facility to Fidelity Bank Nigeria Plc.
The funding is to aid Fidelity Bank’s acquisition and recapitalisation of Union Bank UK, marking a pivotal step in its international expansion bid.
The facility, delivered in two $20 million tranches, allowed Fidelity Bank to refinance its acquisition of a full equity stake in Union Bank UK and inject further equity into the bank, with approval from the UK’s financial regulator.
Kanayo Awani, Executive Vice President of Afreximbank, highlighted the strategic significance of this transaction, which aligns with the bank’s objective to promote African control of capital and boost intra-African trade and investments. Awani noted, “By supporting this strategic transaction, we are strengthening Nigeria’s banking sector and fostering greater financial integration between Africa and its diaspora.”
Dr. (Mrs.) Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank, expressed appreciation for Afreximbank’s support, emphasizing the robust partnership between the institutions. She pointed out that the refinancing of Union Bank UK will unlock additional value and establish a scalable and sustainable service franchise to support trade businesses in Africa and the diaspora.
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.