AfricInvest which is a leading Pan-African mid-cap-focused private equity firm, has announced it’s acquisition of a minority stake in Fidelity Bank Ghana Limited.
The purchase was made through its two funds, AfricInvest Fund IV and FIVE.
About Fidelity Bank, it was established in 1998, initially as a discount house, Fidelity Bank obtained its universal banking license in 2006 and has since grown to be the largest privately-owned Ghanaian bank. Fidelity offers a comprehensive range of innovative products and services in the retail and corporate space, through a steadily growing network of branches and various digital channels.
Fidelity is engaging in an ambitious digital transformation plan and is deploying a five-year strategy aiming to become one of the top three banks in Ghana.
The Managing Director of Fidelity Bank, Julian Opuni stated, “As we embark on our next phase of growth as a Bank, having an experienced investor like AfricInvest will further strengthen and propel us in our drive to become one of the top three leading financial institutions in Ghana.”
He further added, “Fidelity Bank has a strong track record of offering some of the best financial products and services and with the support of AfricInvest, we will fast-track our digital transformation agenda to better serve our loyal customers”.
Chief Investment Officer for AfricInvest, Skander Oueslati commented, “We are pleased to partner with Fidelity Bank in its transformative strategy to become a key player in Ghana’s financial ecosystem. The transaction is reflective of the type of investments AfricInvest pursues, with an emphasis on sustainable growth, innovation, strong management capacity, and clear visibility on stakeholders value creation.”
