Fidelity Bank eyes Tier-1 status

April 30, 2019
76 Views

The Managing Director/Chief Executive Officer of Fidelity Bank Plc, Nnamdi Okonkwo, has disclosed plans by the Nigerian lender to migrate to a Tier-1 bank in the country three years from now.

Okonkwo said the migration is part of the five-year strategic plan Fidelity Bank Plc has set out to achieve. The plan was drafted two years ago, even though the bank began execution in 2018.

According to the top executive who gave a recent interview, the bank’s numbers are showing steady progress towards the actualisation of its Tier-1 aspiration.

“Two years ago, we set out at fidelity bank to drive a five-year strategic plan, beginning from last year that would see us migrate to a tier 1 bank in the country by 2022. We want to break into the league of tier 1 banks and grow organically, keeping in mind that the other banks are also growing.

ALSO READ: Fidelity Bank shareholders endorse N3.19bn dividend

“This is my sixth year as the CEO of the bank and by God’s grace we are driving the plan; the numbers show that we are making steady progress, year-on-year, in terms of balance sheet size, deposit and profitability.

“As we are doing this, we are keeping our eyes on the safety of the bank. We have thus kept our eyes on the bank’s capital adequacy, liquidity ratios, and risk management framework, governance and compliance practices, among others.

“For instance, as a result of our prudence in building up capital, we were able to cushion the impact of the implementation of IFRS 9; so we took the charge outright.”

Okonkwo also used the moment to douse speculations that the management of Fidelity Bank Plc is de-emphasizing corporate banking for retail banking.

He said the appointment of a new executive director for corporate banking shows how important corporate banking is to Fidelity Bank Plc.

“We have just appointed a new executive director, corporate banking and that should tell you how seriously we take corporate banking. We have grown our savings deposit account base from N75bn when I became CEO on January 1, 2014, to N226bn at present.”

Okonkwo said the impact of digitisation has been positive for Fidelity Bank, saying 81.5 per cent of the bank’s transactions is now done through digital channels.

“We are driving our retail banking with digitisation. About 81.5 per cent of our transactions are now done through digital channels. That is why you will see us building just one or two new branches in a year.

You may be interested

Uzodinma Indicts ‘APC Enemies’, Says Masterminds Of Attacks In Imo, Nigeria Will Be Exposed
News
15 views
News
15 views

Uzodinma Indicts ‘APC Enemies’, Says Masterminds Of Attacks In Imo, Nigeria Will Be Exposed

Webby - May 6, 2021

The masterminds of attacks in Imo and other parts of Nigerians will be exposed soon, Imo State Governor, Hope Uzodinma…

Govt approach wrong, ransom payment won’t end kidnapping – Obasanjo
News
News

Govt approach wrong, ransom payment won’t end kidnapping – Obasanjo

Webby - May 6, 2021

FORMER President, Olusegun Obasanjo, on Wednesday declared that governments of former President, Goodluck Jonathan, and Major General Muhammadu Buhari (retd.)…

Two killed, many injured, others kidnapped as bandits attack 2 churches in Kaduna
News
News

Two killed, many injured, others kidnapped as bandits attack 2 churches in Kaduna

Webby - May 6, 2021

Many have reportedly been killed, injured and kidnapped by armed bandits in fresh attacks on two churches in Gwagwada community,…

Leave a Comment

Your email address will not be published.