Fidelity Bank Nigeria
Encyclopedia
Fidelity Bank Nigeria , also known as Fidelity Bank Plc., is a commercial bank
in Nigeria
.
, the 25th most capitalized bank on the Africa
n continent and the 567th most capitalized bank in the world.
in 1988. It converted to a commercial bank
in 1999, followig the issuance of a commercial banking license by the Central Bank of Nigeria
, the national banking regulator. In 2005 the bank merged with the former Manny Bank Plc. and FSB International Bank.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
.
Overview
Fidelity Bank Plc. is a large financial services provider in Nigeria. In 2011, the bank was ranked the 7th most capitalized bank in NigeriaNigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
, the 25th most capitalized bank on the Africa
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
n continent and the 567th most capitalized bank in the world.
History
The bank was established as a merchant bankMerchant bank
A merchant bank is a financial institution which provides capital to companies in the form of share ownership instead of loans. A merchant bank also provides advisory on corporate matters to the firms they lend to....
in 1988. It converted to a commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in 1999, followig the issuance of a commercial banking license by the Central Bank of Nigeria
Central Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
, the national banking regulator. In 2005 the bank merged with the former Manny Bank Plc. and FSB International Bank.