Fidelity Bank Plc has considered raising about $500 million from the international debt capital market, after meeting with investors on Monday.
The Leading tier-2 lender eyes the $500million through the issuance of 5-Year unsecured notes due 2026, proceeds of which are intended to be used for general corporate purposes including supporting its trade finance business.
The Bank intends to list the Notes on the Irish Stock Exchange, with the expectation that the Notes will be traded on its regulated market.
According to a statement filed with the Nigerian Exchange Limited (NGX) and signed by Ezinwa Unuigboje, Fidelity Bank’s secretary, “The Securities and Exchange Commission has confirmed that it has no objection to the Transaction”.
Fidelity Bank reported a profit before tax of N20.6billion in half-year (H1) 2021 from N12billion in H1 2020.
For the half-year ended June 30, 2021, Gross Earnings increased by 6.2percent year-on-year (YoY) to N112.3billion on account of 27.8percent growth in Non-Interest Revenue (NIR) to N23.8billion from N18.1billion in H1 2020.
Omotayo Araoye
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