Indigenous bank, Fidelity, has disclosed plans that it will consider acquiring smaller banks as the Bank of Ghana reviews its minimum capital requirement for commercial banks in the country.
According to Fidelity, the decision is largely influenced by the bank’s robust performances over the last decade.
“We are growing organically but then if there are any opportunities to acquire any entity, we will gladly merge or take over the entity so it is possible to combine the growth with an acquisition strategy,” Managing Director of Fidelity Bank, Jim Baiden remarked.
Commercial banks in the country currently operate with a minimum capital requirement of 120 million cedis.
The figure is expected to increase to over 200 million cedis with the new revision.
Jim Baiden was also confident the acquisition will be a good decision considering the financial strength of the bank.
“We are looking at the banking space…the bank of Ghana has indicated that it will increase the minimum capital requirement but it is foreseeable that not all banks will be able to meet the minimum capital requirement and therefore it is a good opportunity for strong banks like Fidelity to acquire other banks in due course.”
Fidelity Bank launches 10 years’ anniversary
The bank has since launched its 10th anniversary celebration.
Managing Director and co-founder of Fidelity Bank, Mr. Jim Baiden, expressed excitement describing Fidelity Bank’s achievement in the last 10 years as phenomenal.
“For an indigenous Bank to be ranked as the 4th largest among 28 banks in an industry where international competition exists is indeed a remarkable achievement worth celebrating”.
The Bank has over the last decade, contributed to national development to the tune of 240 million cedis through taxes.
Through its Agency Banking Model, the Bank has created Smart Accounts for three hundred thousand people (300, 000) people who would have otherwise been unbanked.
Meanwhile the bank is optimistic of increasing its footprint across the length and breadth of the country within the short to medium terms.
“It is foreseeable that in the next five years we will open up a lot more shops serving banking inclusion services. Our strategy is to complement our brick and mortar branches with the agency network and we are on track,” Mr. Baiden stated.
The anniversary launch was also used to introduce a new tagline for the Bank, “Believe with us”.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana