Touchaheart reports , Fidelity Bank Plc. shares have had Nigeria’s greatest year-to-date bank share performance with a 32% increase in value. According to a recent Bloomberg piece, this is the case.
After finalising the acquisition of Union Bank UK, Mrs. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, spoke with the platform’s journalist about the 35-year-old institution’s business expansion plans, particularly to other African nations, saying that, “The strategy is for us to move footprint outside Nigeria and be able to compete favourably with our peers. We should be able to visit six nations in the next three years if we go to at least two per year.
In order to keep its fees from facilitating trade and associated banking jobs from going to bigger competitors, Fidelity is rushing to grow. According to the African Trade Policy Centre of the United Nations Economic Commission for Africa, trade inside the continent, which currently totals more than $350 billion annually, is predicted to increase by 52% over the next ten years.
Lenders are being forced to seek outside of Africa to reduce their risks and increase their chances due to the continent’s largest economy’s slow economic recovery, two recessions in 2016 and 2020, currency devaluations, and severe dollar shortages.
By 2025, according to earnings and assets, Onyeali-Ikpe, who assumed the position two years ago, wanted Fidelity to rank among the top five banks in the nation. It is the sixth-largest in the nation lender having assets over 4 trillion naira.
