London-based financial services company LeapFrog Investments has acquired a 16.94-percent stake in Fidelity Bank Ghana, a Ghanaian tier-1 commercial bank.
My Joy Online reported that the company acquired the stake from Amethis and Edmond de Rothschild Equity Strategies (ERES).*
Their investment in the bank led to the successful acquisition of Pro-Credit Savings and Loans, a move that deepened its footing in the Ghanaian market.
With the latest investment, LeapFrog will help to accelerate the bank’s growth in Ghana.
“Amethis and ERES have played a pivotal role in the success and growth of Fidelity Bank,” Fidelity Group Chairman Edward Effah said. “We are grateful for their support and their unwavering belief in the potential of Fidelity Bank.”
The financial service group is looking to partner with LeapFrog Investments to build on the strong foundation that it has already created with Amethis and ERES.
Fidelity Bank Ghana
Fidelity Bank Ghana is a subsidiary of Fidelity Group, a group of financial services companies founded in 1998 by Effah, a Ghanaian multimillionaire investor.
The bank, which was founded in 2006, is the largest privately-owned Ghanaian bank, with an asset base in excess of C12 billion ($2 billion), over 2 million customers, and 75 branches in every region of the country.
Asides from the bank, other subsidiaries of the Effah-led group include Fidelity Asia Bank Limited (Malaysia), Fidelity Securities Limited and Fidelity Capital Partners Limited (now Mustard Capital Partners Limited or MCPL).
LeapFrog Investments
LeapFrog Investments is a private investment firm that invests in high-growth financial services and healthcare companies in emerging markets.
Since inception in 2007, it has attracted more than $2 billion from global investors. It currently owns significant stakes in companies in Ghana, Kenya, Nigeria, South Africa, Thailand, Indonesia, Sri Lanka and India.
*Amethis is an Africa-focused investment fund manager while ERES is a mid-cap growth and buy-out franchise affiliated with the Edmond de Rothschild Group.
