Constancy Financial institution Plc has introduced the completion of the acquisition of a 100% stake in Union Financial institution Plc UK.
This was disclosed through a press launch assertion despatched to Nigeria Change Restricted (NGX) and seen by Nairametrics.
The financial institution famous that the acquisition is geared toward strengthening its “strategic initiatives on worldwide growth.”
What the financial institution is saying
The Board at Constancy Financial institution says the acquisition of Union Financial institution UK would “unlock vital worth for the Constancy Financial institution Group”. Right here’s the assertion from the press launch:
- “Additional to the press launch dated August 2, 2022, whereby Constancy Financial institution Plc (the Financial institution) notified the Basic Public of its proposed 100% acquisition of Union Financial institution UK PIC (UBUK), the Financial institution is happy to announce the completion of the transaction and receipt of the approval of the Financial institution of England’s Prudential Regulatory Authority (PRA) for change of management of UBUK.
- The acquisition of UBUK is in furtherance of Constancy Financial institution Plc’s strategic initiatives on worldwide growth. The Central Financial institution of Nigeria had earlier Issued a letter of “No Objection” to the transaction.
- The Board of Administrators of the Financial institution is assured that acquisition will unlock vital worth for the Constancy Financial institution Group and is taking motion to make sure the seamless integration of the operations of each entities”
It is a growing story…
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