Fidelity Bank positions for profitability
December 14th, 2006 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
Ogbuotobo Chuks
For those that are regular visitors to this site, we have earlier said that banks that do not brace up to the challenge of competition in 2007 will have themselves to blame.
Predicated on the implication of not staying ahead of competition, Fidelity bank is set to open 25 new branches in Nigeria very soon. This they will do once they receive approval from the central bank of Nigeria .It is expected that the branch network of the bank would increase to 120 once this is done, as this is part of the bank’s post-consolidation expansion programme.
With this development, the bank is expected to have multiple presence virtually in all key areas of the federation and Abuja. It is also expected that the bank will also start operating ATM’s across the federation as a complement its operations.
Mr. Francis Ikenga, head of strategy and bank development, said that in additionm to the ATM’s and other electronic payment formats, the physical branches would be useful in the meantime to support some of the public sector collection mandates that the bank had. The bank’s growth in recent times has been described by analyst as steady and focused.
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