Home Business Fidelity bank makes 50% provision on operator’s loan
Fidelity bank makes 50% provision on operator’s loan
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Fidelity bank makes 50% provision on operator’s loan

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Image result for Fidelity bank makes 50% provision on operator's loanFidelity Bank said it has increased its provision against 9mobile to 50% and placed the indebted telecoms firm on a watchlist.

This comes as the bank said it plans to issue local debt to raise funds to boost lending.

9mobile is currently on sale after it took out a $1.2 billion syndicated loan from Fidelity and 12 other local banks in 2013 but failed to make repayments last year.

Meanwhile, Chief Operations and Information Officer for Fidelity bank, Gbolahan Joshua said the sale of the telecoms firm is expected to be concluded by the second half of the year and there would be clarity for all lenders.

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