Fidelity Bank to meet minimum capital requirement – Jim Baiden

Jim Baiden, Managing Director of Fidelity Bank

Mr. Jim Baiden, Managing Director of Fidelity Bank, has indicated that his outfit is set to meet the December 2018 deadline for the GHS400 million minimum capital requirement set by the Bank of Ghana. (BoG)

“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 percent and a Liquidity Ratio of 28 percent is one of the three strongest banks in Ghana today, foreign or local,” he stated.

Baiden disclosed this, Friday April 20, at the bank’s Customer Appreciation Dinner in Accra.

The Managing Director assured customers of the bank and the BoG that the bank is poised to surely meet the new minimum capital requirement of GHS400 million since the current Capital position of the bank is significantly close to the new minimum Capital requirement before the end of year.

“I wish to assure our Deputy Governor of Bank of Ghana, Elsie, here with us tonight that so far, we haven’t lost sleep at all over the new minimum Capital requirement of GHS400 million. This is because our current Capital position is substantially close to the new minimum Capital requirement before the end of year.”

“Our strong corporate governance systems and our disciplined prudential lending culture ensures that, customers’ deposits are safe and we are able to meet our maturing obligations to our customers at all times,” Baiden added.

He indicated that as a top tier one bank that has existed for 11 years, the bank has become the fourth largest bank in Ghana and one of only 7 Banks controlling 50 percent of businesses in the banking sector.

Baiden speaking on some achievements noted: ‘’Very recently, Fidelity Bank co-managed and facilitated the issuance of a GHS10 billion Energy Sector Bond to sort out the oil sector debts due to the banks and bulk oil distributors.

‘’Due to the success of the ESLA Bond, Fidelity has also been appointed a co-manager for the issuance of a US$2.5 billion Eurobond for the government to support maturing bond obligations and to also re-structure other debt obligations,’’ he added.

Mrs. Elsie Addo Awadzi, Deputy Governor of the Bank of Ghana, advised the bank to ensure that its customers’ deposits, are prudently and well managed.

Awadzi applauded the bank for staying strong all these years and for their support to the financial sector of the country.

The Fidelity Bank Customer Appreciation Dinner saw the bank reward three loyal customers with a sum of GHS50,000 each in its grand draw to cap the ‘’10x Richer Deposit’’ campaign.

The bank has over the past few months rewarded customers with over GHS300,000 through the 10x richer campaign.

By Mawuli Y. Ahorlumegah