GHANA – AfricInvest, a pan-African investment and financial services firm, has acquired a minority stake in Fidelity Bank Ghana Limited, Ghana’s largest private bank.
The acquisition was carried out through its two funds, AfricInvest Fund IV and FIVE (AfricInvest Financial Inclusion Vehicle), from Kagiso Tiso Holdings Proprietary (KTH), a South African private investment company, AfricInvest and Fidelity Bank Ghana said in a joint statement.
Founded 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.
The Ghanaian bank offers a full range of innovative products and services in retail and business, through an ever-growing branch network and various digital channels.
“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 stakeholder value creation.”Skander Oueslati – Chief Investment Officer, AfricInvest
It also provides investment banking services through its wholly owned subsidiary, Fidelity Securities Ltd., as well as offshore banking services through its wholly-owned subsidiary Fidelity Asia Bank Ltd in Labuan, Malaysia.
“We are pleased to partner with Fidelity Bank in its transformation strategy to become a key player in Ghana’s financial ecosystem,” Skander Oueslati, Chief Investment Officer of AfricInvest, said.
“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 stakeholder value creation. We are excited to play a part in this journey and will be fully supportive by leveraging our network and expertise.”
The bank has embarked on a digital transformation plan through a five-year strategy to become one of Ghana’s top three banks.
“As we embark on our next phase of growth as a bank, having an experienced investor like AfricInvest will strengthen us and propel us in our drive to become one. of the three major financial institutions in Ghana,” Julian Opuni, Managing Director of Fidelity Bank, said.
“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”.
The investment in Fidelity Bank marks the first transaction for AfricInvest IV, the firm’s flagship pan-African strategy, and adds a fifth portfolio company to FIVE, representing its first exposure to West Africa.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE