The Managing Director(MD) of Fidelity Bank, Mr. Jim Baiden has indicated that the bank will meet the new capital requirement announced by the Bank of Ghana.
The governor of the central bank, Dr. Ernest Addison, recently announced an increment in the capital requirement for banks from 120 million cedis to 400 million cedis. Banks in the country are required to meet the new minimum capital requirement by December 2018.
Speaking to Citi Business News, Mr. Baiden stated that the bank has a strong capital base to meet the requirement by end of next year.
“Meeting the new minimum capital requirement of 400 million cedis is not a problem at all for Fidelity bank. Fidelity bank is one of the two indigenous banks who have emerged as very strong because our capital adequacy is one of the highest. Our liquidity ratio is also one of the highest in the country”, he said.
Mr. Baiden pointed out that the bank is currently performing well financially, with strong financial statement.
He added that the bank will continue to look into the banking space to undertake initiatives that will expand its operations across the country.
Mr. Baiden spoke to Citi Business News at the sidelines of the launch of a book titled “Developing Africa’s Financial Services: The Importance of High Impact Entrepreneurship,”.
The book which highlights the success story of Fidelity Bank was written by Prof. Dana Redford.
Commenting on the book, Mr. Baiden, noted that Fidelity has indeed braced all odds to be where it is today.
“The journey of Fidelity Bank has not been all rosy considering that we entered into the industry with stiff competition from both local and multinational banks. With determination and a focus on our vision to be a world-class bank however, we knew we could not afford to fail,” he narrated.
Paragraph four of page 161 of the book reads, “To ensure the relevance of their comprehensive range of products and services, Fidelity’s businesses continually review the demographics of customer segments to ensure that their offerings meet the banking and financial needs of existing and potential customers.”
Mr. Baiden stated that “this couldn’t have been said any better. Over the years, we have made it a priority to go beyond customer satisfaction to customer success by delighting our customers at all touch points as well as through carefully developed products and services.”
By: Lawrence Segbefia/citibusinessnews.com/Ghana