The Bank of Ghana has approved the acquisition of ProCredit Ghana by Fidelity Bank.
This follows Fidelity Bank’s shareholders’ approval at its extraordinary General Meeting on 23rd September, 2014.
Following these approvals, Fidelity Bank has acquired 100% ownership of ProCredit Savings and Loans Company Ltd.
(“ProCredit Ghana”) from its current two shareholders ProCredit Holdings and the DEON Foundation of the Netherlands.
The objective of the acquisition is to enable ProCredit Ghana to transfer its strong SME processes and qualified staff to Fidelity Bank to enhance the Bank’s services to Ghanaian businesses.
The acquisition consolidates the Bank’s position as the 6th largest in terms of deposits. It also makes Fidelity Bank the 3rd largest bank in terms of branch network with 80 branches, 300 agencies and over 100 ATMs.
It is anticipated that the merger will ultimately benefit both Fidelity and ProCredit’s clients and staff as they come together to support Ghana’s business community.
Speaking after the approval of the acquisition, the Managing Director of Fidelity Bank, Mr. Edward Effah, thanked the Governors and Executives of the Central Bank, Fidelity shareholders and the entire public for their support in ensuring that the transaction comes to fruition.
Based on the cooperation between the executives and staff of the two companies, he is convinced that the staff will work hard to ensure a seamless integration and continue to provide great and improved customer experience.
On his part, the Deputy Managing Director of the Bank, Mr. Jim Baiden assured that there will be no job losses as the institution continues its growth strategy to become a competitive global brand that supports local business and households to flourish.
The Managing Director of ProCredit Ghana Sarah Tsien Zetterli, confirmed that staff and customers are delighted at the opportunity to become part of the Fidelity Group. She assured that “services to cherished clients will continue uninterrupted and very soon ProCredit customers will enjoy services that only a universal commercial bank can offer”.
The merger is expected to be completed within a year after which all ProCredit branches will become Fidelity Bank branches.
Source: Fidelity Bank
