On Monday, June 10, Afreximbank announced that it had granted a $40 million intra-African investment facility to Fidelity Bank Nigeria Plc.

Le financement accordé par Afreximbank supported the acquisition and recapitalization of Union Bank UK by the Nigerian Commercial Bank. The grant of this facility comes nearly a year after the completion of the acquisition of Union Bank Uk. The first $20 million installment allowed Fidelity Bank to partially refinance the acquisition of all shares in Union Bank UK. And the second was used to support the recapitalization of this bank, through the injection of additional capital. According to Nneka Onyeali-Ikpe, head of Union Bank Uk, “the refinancing of the acquisition of Union Bank UK by Afreximbank will unlock additional value and contribute to the creation of a scalable and sustainable service franchise that will support commercial businesses in Africa and diaspora banking services. We are grateful to Afreximbank for supporting our expansionary initiatives