Ghana: Fidelity Bank to double outlets

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FIDELITY Bank planned to double its branch network within three years after it received a cash injection from backers including Edmond de Rothschild Investment Partners and Kagiso Tiso Holdings, the Ghanaian lender said on Monday. Fidelity Bank, which has 51 branches, planned to boost that number to 100 by 2017, Edward Opare-Donkor, the lender’s finance director, said. “More branches will support us in our drive to step up” deposit taking and reach more people without bank accounts, he said. “It will help us to penetrate and make it more convenient for our clients to do business with the bank.” South Africa’s Kagiso Tiso and investment firms Amethis Finance and Edmond de Rothschild Europportunities Management II invested about $67.3 million (R723m) in the bank in April, Opare-Donkor said. Kagiso Tiso is taking a 15 percent stake, while the French companies took 7.5 percent each. – Bloomberg

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