Fidelity Bank secures approval to list on the Stock Exchange

Fidelity Bank has secured approval from shareholders to list on the Ghana stock Exchange.

The nod was secured from shareholders at the bank's Annual General Meeting Thursday. This will allow the bank to list on the exchange in the next three years.

Fidelity in 2009 began the process to list on the local bourse to help recapitalize the bank, but had to abort it and raise funds through private placement and right issues.

Managing Director, Edward Effah tells Joy Business the move is to help the bank undertake bigger transactions

The bank also got the nod to raise 20 million dollars through private placement to recapitalize.

The bank's profit after tax for 2011 went by nearly 100 to 9.9 million Ghana cedis.

It however failed to recover majority of the loans it advanced to customers, whiles expenses also went up marginally.