2000-05-18: Announcement regarding the sale of FBC Fidelity Bank Limited to the Nedcor Group
Last Modified Date:
2020-10-08, 08:15 PM
Media > Media Releases
The offer by the Nedcor Group to purchase FBC Fidelity Bank Limited and the acceptance of the offer by the shareholders of FBC Fidelity Bank Limited are welcomed by the South African Reserve Bank. The curator is commended on negotiating a resolution in respect of a bank experiencing difficulties. The resolution is beneficial not only to the depositors of FBC Fidelity Bank Limited, but also to the banking system as a whole, since depositors will receive their capital invested and interest in full. FBC Fidelity Bank Limited will continue to trade under the control of the Nedcor Group, as a division administered by Nedcor Limited, and will provide banking services to its client base, which has been identified as the lower end of the market.