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10.07.2006 Business & Finance

Ghana Gets Its 22nd Bank

By The Business Desk
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The Bank of Ghana (BoG) has granted a universal banking licence to Fidelity Bank Limited, making it the 22nd bank to be licensed under the new Banking Law.

The bank is owned by a number of Ghanaian and foreign individual and institutional investors, including the Agricultural Development Bank (ADB), the Social Security and National Insurance Trust (SSNIT) as well as some members of staff.

A statement issued by the BoG in Accra said the Fidelity Bank would operate as a universal bank with an initial capital of a ¢100 billion, far in excess of the minimum capital requirements for a universal banking licence and operation in the country.

It said the bank had completed all background work needed for a smooth take-off, including a rigorous selection process to recruit over 60 high calibre staff with diverse skills and experience to complement its existing team.

“The bank has invested heavily in technology and will also invest heavily in training to ensure that the bank is at par with the best in the world,” the statement said.

As a world class bank, Fidelity would offer a comprehensive range of products and services to meet the banking and financial needs of existing and potential customers, the statement added.

The Board of Directors is chaired by Mr Bernard Lind, a seasoned investment banker with a vast international experience.

The statement said the bank would be directed by an executive team under the leadership of Mr Edward Effah, a successful leader who founded the Fidelity Group and led it to earn a place as the most successful discount house in operation until its recent conversion into a bank.

“In addition to the executive team, Fidelity Bank has a young dynamic and self-driven team of persons who, as individuals, have all achieved significant success in their various areas of speciality,” it said.

On board Fidelity Bank's train include experienced hands such as Mr Peter Iliasu, a renowned Corporate Banker, who joined the bank from Barclays Bank; Mr Peter Obeng-Koranteng, formerly of Standard Chartered and SG-SSB, Mr Abdul Samed Iddrisu, a former IT Director of Stanbic Bank, Ms Shirley Longdon, a former Company Secretary for Unilever and Mr John Sam Acquah, an experienced Retail Banker with many years of experience from Standard Chartered Bank.

Others are Mr Alex Doudu, who heads the Executive and Private Banking Department and Mr Kwesi Agyeman, Chief Finance Officer, both with rich experience from the discount house operation.

The statement said Fidelity Bank was looking forward to actively participating in the banking industry in the country premised on its exceptional corporate governance standards, knowledge of the local market, professionalism, innovativeness and, above all, its customer-centric culture.

The Ridge Towers, near the Cedi House will house both the corporate head office of the bank and its state-of-the-art branch, the statement added.

It thanked its customers whose support and confidence had culminated in the successful transition of the bank into a universal one.

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