Minority owners forced to cede stake in Fidelity Bank

An artistic expression of the new Fidelity Bank headquarters. Fidelity Commercial Bank announced it will construct the bank’s new headquarters, at a cost of Ksh700 million, to accommodate the bank’s growth. The new headquarters, which will be built to meet the bank’s expansion needs, will be located in the Westlands Area.

Three shareholders who have been holding back the acquisition of Fidelity Commercial Bank by Mauritius based SBM Group will be forced out.

The three, Mr Aziz Javer, Mr Firoz Jessa and Ojelo Investments, hold 4.91 per cent of the total share capital. The takeover of Fidelity Bank was expected to be completed by December 31, 2016, giving SBM full mandate over the lender.