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Breaking News:

Fidelity restructures

Bank acquires 50 percent stake in affiliate

Published: Oct 04, 2013

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Fidelity Bank (Bahamas) Limited has acquired a 50 percent stake in its merchant bank affiliate, Royal Fidelity Merchant Bank Limited, from its parent Fidelity Bank & Trust International Limited.

This restructuring within the BISX-listed Fidelity Group makes Fidelity Bank (Bahamas) a joint venture partner in the investment banking affiliate, in which Royal Bank of Canada (RBC) is the holder of the remaining 50 percent stake.

Royal Fidelity Merchant Bank Limited is engaged in asset management and administration, fiduciary services and capital markets transactions.

Anwer Sunderji, chief executive of FBB, said, “Royal Fidelity Merchant Bank Limited broadens the bank’s retail product offerings, diversifies its earnings and allows it to participate in new segments of the economy. It is expected to make a positive contribution to earnings. The effective date for the acquisition is July 1, 2013.”

Sunderji added that Royal Fidelity Merchant Bank Limited will continue to operate independently as a joint venture entity with RBC having 50 percent of the equity and sharing board control.

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