Fidelity Bank closes in on GH¢400m

Jim Baiden, Managing Director of Fidelity Bank Ghana Limited, has assured the Central Bank that it will surely meet the new minimum capital requirement of GH¢400 million by the December 2018 deadline.

Addressing guests at a well-attended Customer Appreciation Dinner at Kempinski Hotel over the weekend in Accra, he said: “The current capital position of the bank is significantly close to the new minimum capital requirement before the end of year.”

He said Fidelity Bank is the largest Ghanaian private sector bank with over 75 branches and counting, which every Ghanaian must be proud of.

“As a top tier 1 bank, we have in only 11 years into our bank journey become the fourth largest bank in Ghana and one of only seven banks controlling 50% of business in the banking sector today.

“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 three strongest banks in Ghana today, foreign or local,” he stated.

Support to the economy

Recounting the bank’s continuous support to grow the Ghanaian economy, the MD of Fidelity Bank, indicated that for 11 years of its existence, the bank has paid over GH¢300 million to the Central Government by way of corporate and employee taxes.

As a result, the Ghana Revenue Authority (GRA) recognized Fidelity as the Most Improved Tax Payer in the country for 2017.

A few years ago the bank also arranged the financing for the procurement of security surveillance naval vessels, helicopters and other aircraft for patrol duties around the country’s oil fields.

ESLA bond

Fidelity Bank recently co-managed and facilitated the issuance of a GH¢10 billion Energy Sector Bond to sort out the Oil Sector debts due to the Bank’s and Bulk Oil Distributors.

Due to the success of the ESLA Bond, Fidelity has been appointed a co-manager for the issuance of a $2.5 billion Eurobond for the government to support maturing bond obligations and also re-structure other debt obligations.

This year, the bank won the mandate as a Transaction Advisor and Joint Bookrunner for the Government of Ghana’s Bond issuance programme for the medium and long term.

Syndicated loan co-arranger

More recently, Fidelity has also co-arranged a GH¢600 million syndicated medium term loan for the Ghana Road Fund & the Ministry of Roads and Highways to support the country’s road infrastructure projects.

On her part, Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, commended the bank for staying strong all these years and for supporting various sectors of the country, especially the financial market.

Three lucky customers won GH¢50,000 each in a grand draw to climax the 10x Richer Deposit campaign.

The Customer Appreciation Dinner was graced by the Vice President, Dr Mahamudu Bawumia, former President Kufuor, Chief of Staff, Frema Osei Opare, Ambassadors and High Commissioners, as well as Ministers of State.