Fidelity Bank Ghana acquires ProCredit
Fidelity Bank Ghana Limited and ProCredit Holding Germany (PCH) have announced an agreement for Fidelity to acquire 100% ownership of ProCredit Savings and Loans Company Limited.
The transaction means Fidelity has purchased all the shares currently held by the two shareholders, PCH and the DOEN Foundation of the Netherlands.
The objective of the proposed acquisition is to enable ProCredit Ghana to transfer its strong SME processes and qualified staff to Fidelity to enhance the Bank’s SME strategy.
After the merger Fidelity will have a branch network of 80, 96 ATMs, 300 agencies and more than 700,000 customers across the country.
The merger will also consolidate the bank’s position as a top six bank in Ghana with the third largest branch network.
The transaction is subject to Bank of Ghana and shareholders’ approval, and the completion of other closing conditions.
According to Helen Alexander, speaking on behalf of ProCredit Holding, “ProCredit Ghana has played a pioneering role in serving small and medium-sized enterprises in Ghana since 2002. We are very proud of what we have achieved in Ghana, in terms of outreach, client impact, and staff capacity building”.
He expressed confidence that Fidelity Bank, backed by both Ghanaian and international investors, will offer excellent prospects for our clients and staff that only a universal bank can offer. Source: Modern Ghana