07.10.2006 Business & Finance

Fidelity Bank lands, others almost home

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Former discount house, Fidelity, has been inaugurated as a full fledged Fidelity Bank, joining the industry with more than 4,000 customers from its discount operations.

Officials of the bank and industry players say the initial customer size gives them a great start. The Managing Director, Mr Edward Effah and his deputy, Jim Baiden have assured they are kick starting their operations with a number of top of the range products including E-banking and cash collection.

Fidelity Bank's core business include retail, corporate, treasury and executive and private banking.

On Monday, another new bank, the Intercontinental Bank Ghana will also launch its operations in the country to bring to 23 the number of banks in the country. Intercontinental Bank Ghana is a subsidiary of Intercontinental Bank plc based in Nigeria.

Meanwhile a third bank, which has also secured an interim license from the Bank of Ghana, is warming up. The largely Libyan-owned Banque Sahelo-Saharienne Pour L'investissement et Le Commerce Ghana (BSIC) is presently working towards securing its final approval.

The joint financial institution of the Community of Sahel-Saharan States has an authorized capital of 250 million euros. BSIC presently operates in more than eight other African countries most of them in the northern half of West Africa, as well as, Togo and Benin.

BSIC has invested heavily in agriculture in these countries and expectations are that the profile will be replicated when the bank begins its operations in Ghana

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