Business News of Mon, 23 Apr 20180
We’ll meet capital requirement by end of 2018 - Fidelity Bank MD
As local Banks plead for an extension of the date for meeting the 400 million cedis minimum capital requirement, the Managing Director of Fidelity Bank, Jim Baiden, has reiterated that the bank will surely meet the requirement by December 31st 2018.
Mr. Baiden disclosed that the bank’s current capital position is substantially close to the new capital requirement.
Speaking to customers and officials of the Bank of Ghana at a customer appreciation dinner in Accra, Mr. Baiden assured that plans to meet the capital requirement are proving productive.
“I wish to assure our deputy governor of Bank of Ghana, Elsie, here with us tonight that so far, we haven’t lost sleep at all over the new minimum Capital requirement of GHC400m. This is because our current Capital position is substantially close to the new minimum Capital requirement before the end of year”.
He added that “Our strong corporate governance systems and our disciplined prudential lending culture ensure that, customers’ deposits are safe and we are able to meet our maturing obligations to our customers at all times”.
Mr. Baiden pointed out that Fidelity Bank is the largest Ghanaian private sector bank, with 75 branches and counting.
He stated that as a top tier One Bank, management has in 11 years changed the position of the bank to the fourth largest bank in Ghana and one of only 7 banks controlling 50% of business in the banking sector.
“Following the failure of some local banks recently, an independent research into the strengths of local banks versus foreign banks has concluded that Fidelity Bank with a Capital Adequacy Ratio of 29% and a Liquidity Ratio of 28% is one of top 3 strongest banks in Ghana today, foreign or local,” he said.