Audio By Carbonatix
Fidelity Bank Limited plans to list its shares for trading on the country’s bourse by 2020 as it targets a spot among the largest three banks in Ghana.
Shareholders of the country’s fourth-largest lender on Friday approved a proposal to raise ¢70 million ($16 million) by selling stock to selected investors, Managing Director Jim Baiden said in an interview in Accra, reports Bloomberg.
Fidelity will also transfer ¢20 million of its surplus income to boost its capital buffers, he said.
The Bank of Ghana in September raised the minimum capital level for the country’s lenders to ¢400 million, from ¢120 million, and gave the country’s institutions until the end of the year to meet the goal.
The new rules have spurred a flurry of capital-raising efforts, with Energy Commercial Bank Ltd. seeking to raise about ¢330 million through an initial public offering, Societe Generale Ghana Ltd. planning a ¢170 million-rights issue, and Universal Merchant Bank Ltd. in talks with investors for ¢260 million.
Latest Stories
-
Dr Abena Nyarkoa to join panel discussion at Africa Together Conference in Cambridge
44 minutes -
Walmart warns US shoppers are cutting spending as higher petrol prices bite
1 hour -
Flexible exchange rate regime critical in absorbing external shocks – First Deputy Governor
1 hour -
Toilets and changing rooms must be used on basis of biological sex, guidance confirms
1 hour -
Emily in Paris to end after sixth season, says Netflix
1 hour -
Angry crowd sets Ebola hospital tents on fire in DR Congo
2 hours -
Russia and China condemn US over indictment of former Cuban leader
2 hours -
Bank of Ghana reverts to previous Cash Reserve Ratio policy after scrapping it last year
2 hours -
Ghana-eligible defender Beres Owusu signs permanent deal with Grazer AK
2 hours -
A Super El Niño is coming: What does it mean for Ghana?
2 hours -
Driving Schools Association pushes for mandatory driver training to reduce road crashes
2 hours -
Climate change exists with or without humans — Youth advocate
3 hours -
Plastic waste driving flooding and climate concerns in Bamaahu — Youth Climate Reporter
3 hours -
This week on The Career Trail
3 hours -
My book was born out of university research – Mary Anane Awuku
3 hours