The managing director/CEO, Fidelity Bank Plc., Mr Nnamdi Okonkwo, recently had an interactive forum with Business Editors of leading newspapers in Nigeria where he explained the bank’s exploits in ensuring cyber security, digital transformations, growth in deposit base, Tier 1 bank target, loan sustenance among others, BAYO AMODU was there.
Fidelity Bank was a leading investment bank before the consolidation in the banking industry. Now, you are de-emphasising corporate banking for retail banking. Can you please explain reasons for this?
We have just appointed a new executive director, Corporate Banking and that should tell you how seriously we take Corporate Banking. Fidelity Bank used to be Fidelity Union Merchant Bank and that was why most multinational companies in the country have continued to bank with us. Supporting business in this niche segment comes at a huge costs. Therefore, building up low cost deposits from the lower end of the market helps support…
