Fidelity Bank has stated it will complete its takeover of Pro-Credit by June. The Bank last year began the process to take-over Pro-Credit in the hopes of completing the process by May.
The two institutions last year got the Bank of Ghana’s approval to go ahead with the takeover – with an initiative to integrate personnel of the two banks and rebrand. Managing Director Edward Effah, at Fidelity Bank’s Annual General meeting told JoyBusiness’ Kuuku Abban that the Bank’s aim going forward is to be among the top three banks in the country by 2018.
Mr Effah indicated that the integration of the two banks has so far been progressing smoothly, adding that all customers of Pro Credit can now bank in any Fidelity Branch and in any of the former Pro Credit Branches. According to him, the branding will be completed by June and “so we will by the end of the year be having 80 branches. By the end of the year we will phase out all the Pro Credit branches and they’ll all be Fidelity Bank branches.”
Mr. Effah stated also that Technology Integration is complete and the only major item left is brand integration. “After the branding, there will be a few other things to do. The deadline is the end of June but I am very confident by the end of May we would have been done with most of the integration. It has been the best integration in Ghana. It has been smooth.”
The Managing Director of Fidelity Bank announced to the shareholders of the Bank at the AGM that the Bank increased its Profit Before Tax by 79percent, raking in as much as Gh¢112 million for the year ended at 31st December 2014.
He also announced a capital accrual of $127 million, making the Bank one of the most capitalized banks in the country.
Mr. Effah articulated that Fidelity Bank is now more committed to the Small and Medium Enterprises sector, with a vision of supporting them to become giants, saying “that is one of the reasons why we bought Pro Credit.”
He was full of praise for the staff and reiterated the Bank’s decision not to lay off any employees. For him, the take-over “has been the best and smoothest integration in Ghana to date.”
Source: Joy Business
