INTERVIEW-Nigeria's Fidelity Bank plans buy of rescued bank

Wed Nov 25, 2009 6:23pm GMT
 

* Fidelity Bank eyeing acquisition

* Awaiting guidelines from regulator on how deal would work

By Chijioke Ohuocha

LAGOS, Nov 25 (Reuters) - Nigeria's Fidelity Bank FUMB.LG is interested in buying one of nine banks rescued by the central bank earlier this year and is awaiting guidelines on how such a bid would proceed, its chief executive said on Wednesday.

Reginald Ihejiahi told Reuters Fidelity Bank had been speaking with consultants to the central bank and was waiting for a letter detailing how any deal would be structured.

"We are interested in making a bid," Ihejiahi said in an interview in his office in the commercial capital Lagos.

"There are a couple of things for a serious minded institution ... that we would like to see as part of this opportunity, which we have expressed to the consultants."

He declined to specify which banks Fidelity might be interested in acquiring but said the central bank appeared keen to get the process underway as quickly as possible.   Continued...

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