Fidelity Moves to Buy 5 Banks Across Africa After Union Bank Purchase, CEO Sets New Targets
Fidelity is currently the sixth-largest lender in Nigeria with assets worth N4 trillion, and the bank has set new growth targets
Fidelity Bank has set its sights on expanding its operations across Africa after acquiring the London unit of rival Union Bank of Nigeria Plc. The 35-year-old institution is in talks to purchase at least five banks across the continent and expects to complete the transaction in 2023.
Fidelity Bank Chief Executive Officer Nneka Onyeali-Ikpe disclosed this while speaking with Bloomberg.
Why Fidelity is looking to expand to other countries.
According to Bloomberg, Fidelity is in a race to expand and prevent losing out on fees from facilitating trade and corresponding banking roles to bigger competitors.
In Onyeali-Ikpe words: “The strategy is for us to move footprint outside Nigeria and be able to compete favorably with our peers. “In the next three years, we should be able to be in six countries by doing at least two every year.”
Although Onyeali-Ikpe did not disclose the names of the banks targeted, she indicated a desire to acquire banks in West, East, and Southern Africa She said: “We are committed to expanding our operations and reaching more customers across Africa. “We believe that there is a significant opportunity for growth in the African market, and we are committed to capitalizing on this.” Onyeali-Ikpe has also set a target for Fidelity to become one of the country’s top five banks by 2025 in earnings and assets.
Access Bank CEO Wigwe buys over N11.3bn new shares
Meanwhile, in another report, Access Holdings CEO Herbert Wigwe has cemented his place as one of the most significant shareholders The bank revealed that he paid over N11 billion to buy more shares in the financial institution. Wigwe is one of Nigeria’s highest-paid CEO and received huge compensation for his excellent work after an impressive year.
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