Fidelity Bank commited to meeting funding needs

Following a successful Eurobond bond issue, where it raised about $300 million in May this year, Fidelity  bank  said that it will continue to access both local and international financial market for its funding needs as events warrant.

Chief Executive Officer of the bank, Mr. Reginald Ihejiahi, gave the assurance when he and key management staff of the bank, visited the Nigerian Stock Exchange, NSE, to ring the  closing bell and to present the CEO designate, Mr. Nnamdi Okonkwo, who takes over from Ihejiahi, to the stockbroking community.

He said that the planned introduction of additional products by the NSE presents a good opportunity for the bank to build its capital structure.

“The bank has done tremendously well since inception, especially in the last 10years. We have been involved in some landmark transactions; we have unlisted GDR, which we had in 2007. Only this year, we concluded a very successful US$300 million debut Eurobond issue, timed perfectly and we liked the pricing we got.

“And it is a fact that we are sectionalizing this thing, and the bank will in future, depending on its capital needs continue to access the market, both locally in Nigeria and also internationally, and depending on the products,” he said.

Continuing, he said, “It is exciting for us today to listen to the CEO of the Nigerian Stock Exchange talk about very interesting pipeline of products and I think a bank like Fidelity, which is always innovative, and as it continues to look at its capital structure, these are the things that excite us.”

“We are here to formally inform the Exchange that there is transition plan in place in the bank and Nnamdi Okonkwo will be taking over as the new CEO and it is something we have been on for sometime now. It was necessary that we come and inform the broker community as well,” Ihejiahi added.