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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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BoG approves Fidelity Bank’s acquisition of ProCredit Ghana

bycitibusinessnews
December 8, 2014
in Banking And Finance, Business, Top Stories
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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.

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(“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

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