Fidelity Bank Is The Largest Ghanaian Private Sector Bank – Jim Baiden

Fidelity Bank is the largest Ghanaian private sector bank with over 75 branches and counting and a culture of a world class brand which every Ghanaian must be proud of, Mr. Jim Baiden, Managing Director of Fidelity bank has said.

Mr. Baiden, who was speaking at the Customer Appreciation Dinner of the Bank held at Kempinski Hotel in Accra said: “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 7 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 3 strongest banks in Ghana today, foreign or local,” he stated.

Mr. Jim Baiden assured the Bank of Ghana that Fidelity Bank will surely meet the new minimum Capital requirement of GHC400m since the current Capital position of the bank is significantly close to the new minimum Capital requirement before the end of year.

Fidelity’s 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 to the Central Government over GHC300 million by way of Corporate and Employee taxes. As a result, the Ghana Revenue Authority 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 aircrafts for patrol duties around the country’s Oil fields.

Very recently Fidelity Bank co-managed and facilitated the issuance of a GHC10billion 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 to 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. More recently, Fidelity has also co-arranged a GHC600 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, the Deputy Governor of the Bank of Ghana, Mrs. Elsie Addo Awadzi, advised Fidelity Bank to ensure that deposits of customers are prudently managed. She commended the Bank for staying strong all these years and for their support to various sectors of the country and especially the financial market.

Fidelity Bank used the Customer Appreciation Dinner to reward three loyal customers with a sum of 50,000 cedis each in its grand draw to cap the 10x Richer Deposit campaign. The bank has over the past few months rewarded customers with over 300,000 cedis through the 10x richer campaign.

The Customer Appreciation Dinner was graced by the Vice President, Dr. Bawumia, Former President Kuffuor, the Chief of Staff, Mrs. Frema Osei Opare, Ambassadors and High Commissioners and Ministers of State.

Source: Peacefmonline.com