Fidelity Bank (Bahamas) recently reopened its former Frederick Street branch as the first of six one-stop Fidelity Financial Centres, providing traditional banking products as well as mutual funds, trust, financial planning and wealth creation. Manager of the FC is Ursula Rolle. She says, *”We buy into the old adage that time is money by combining regular banking facilities and everyone’s need for today’s “need to have” financial products that create wealth.”* She points out that Fidelity’s mission is to become a relationship bank, not a transaction bank.
Fidelity Bank’s A $15 million rights issue by Fidelity Bank last month was fully subscribed. At that time the Bank’s Chairman, William Allen, said the increase in capital will help fuel the growth of the bank’s balance sheet, driving profitability. Fidelity’s capital base increased by 18 percent, to $33 million, after the rights issue, and its Tier 1 risk weighted capital increased to 45.5 percent after the rights issues, up from 24 per cent in December 2005. This is *”well in excess of the existing minimum capital requirement promulgated by the Bank of International Settlements under the Basle Accord,”* says Chairman Allen.