Afreximbank supports Fidelity Bank’s expansion with $40m facility

The African Export-Import Bank (Afreximbank) announced on Monday the successful disbursement of a $40 million Intra-African Investment Facility to Fidelity Bank Nigeria Plc (Fidelity).

The facility is split into two tranches of $20 million each. The first tranche supported the acquisition of Union Bank UK, while the second tranche provided additional equity injection for recapitalisation in line with UK regulatory requirements.

Fidelity Bank’s strategic acquisition creates a new pan-African financial institution. The acquired entity will provide correspondent and offshore banking services to African banks and serve the banking needs of Africans living abroad.