March 16, 2017 / 11:52 AM / 3 years ago

Fidelity Bank says has $56 mln exposure to Etisalat Nigeria

A man walks past a sign at the headquarters of telecommunications company Etisalat in Dubai , file. REUTERS/Jumana El Heloueh

LAGOS (Reuters) - Fidelity Bank has exposure of around 17.5 billion naira ($56 million) to Etisalat Nigeria, the Nigerian lender’s investor relations team said on Thursday.

The Nigerian arm of Abu Dhabi-listed telecoms company Etisalat is in talks with local banks to renegotiate the terms of a $1.2 billion loan it took out four years ago after missing a payment.

($1 = 314.50 naira)

Reporting by Chijioke Ohuocha; editing by Jason Neely

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