AfricInvest, a leading Pan-African mid-cap-focused private equity firm, is pleased to announce the acquisition of a minority stake in Fidelity Bank Ghana Limited (“the Bank”).
The purchase was made 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 Tuesday.
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.
The Bank also provides services in investment banking through its fully owned subsidiary, Fidelity Securities Ltd., as well as offshore banking through its fully owned subsidiary Fidelity Asia Bank Ltd in Labuan, Malaysia.
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.
Julian Opuni, Managing Director of Fidelity Bank commented, “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”.
Skander Oueslati, Chief Investment Officer for AfricInvest 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 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 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.