{"id":255575,"date":"2016-10-06T18:14:14","date_gmt":"2016-10-06T18:14:14","guid":{"rendered":"http:\/\/citifmonline.com\/?p=255575"},"modified":"2016-10-06T18:14:14","modified_gmt":"2016-10-06T18:14:14","slug":"fidelity-bank-is-10-eyes-acquisition-of-smaller-banks","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/10\/fidelity-bank-is-10-eyes-acquisition-of-smaller-banks\/","title":{"rendered":"Fidelity Bank is 10; eyes acquisition of \u2018smaller\u2019 banks"},"content":{"rendered":"
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.<\/p>\n
According to Fidelity, the decision is largely influenced by the bank\u2019s robust performances over the last decade.<\/p>\n
\u201cWe 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,\u201d Managing Director of Fidelity Bank, Jim Baiden remarked.<\/p>\n
Commercial banks in the country currently operate with a minimum capital requirement of 120 million cedis.<\/p>\n
The figure is expected to increase to over 200 million cedis with the new revision.<\/p>\n
Jim Baiden was also confident the acquisition will be a good decision considering the financial strength of the bank.<\/p>\n
\u201cWe 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.\u201d<\/p>\n
Fidelity Bank launches 10 years\u2019 anniversary<\/strong><\/p>\n The bank has since launched its 10th<\/sup> anniversary celebration.<\/p>\n