Fidelity Bank joins race for acquisition of other banks, targets 5 banks

Nigerian lender, Fidelity Bank, plans to acquire five commercial banks across Africa.

This follows the bank’s recent acquisition of London unit of rival Union Bank of Nigeria Plc. in the United Kingdom, which is almost being finalized.

Confiance News gathered from Legit on Monday.

According to the report, Fidelity is currently the sixth-largest lender in Nigeria with assets worth N4 trillion, and the bank has set new growth targets.

The 35-year-old institution is in talks to purchase at least five banks across the continent and expects to complete the transaction in 2023.