Fidelity Bank plans to go public

17:32 - 06 October 2016

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According to Baiden, this decision to go public, which has been approved by the board, would allow ordinary Ghanaians to “a piece of the best in this country.”

Fidelity Bank has announced plans to go public within the next few years.

The announcement was made by the managing director of the bank, Jim Baiden at a dinner organised by the bank to celebrate its customers.

The announcement comes after the Bank of Ghana disclosed plans to increase the minimum capital requirement for commercial banks operating in the country.

Currently, the Central Bank’s minimum capital requirement for universal banks is 120 million cedis.

The bank plans to raise that to 300 million cedis according to unconfirmed reports.

The requirements for smaller financial institutions such as microfinance have already been revised upwards. Fidelity’s decision to go public would allow it to raise the needed capital to match the imminent rise.

Fidelity Bank is one of Ghana’s largest banks with over 70 branches and tens of ATM points in the country.