Afreximbank provides $40M to Fidelity Bank Nigeria for Union Bank UK acquisition and pan-African expansion.
African Export-Import Bank (Afreximbank) has provided a US$40M Intra-African Investment Facility to Fidelity Bank Nigeria, supporting its acquisition and recapitalisation of Union Bank UK. The funding, disbursed in two tranches of $20M each, will enable Fidelity Bank to establish a new pan-African financial institution offering correspondent banking and offshore banking services to African banks and catering to the banking needs of Africans in the diaspora.
June 10, 2024
7 Articles