Fidelity Bank Plc has launched an operation to raise 75 billion nairas ($196 million) in local currency to support small and medium-sized businesses. The issue is carried out through fixed unsecured subordinate bonds and is expected to close on Monday, December 14, 2020

The bank launched the issuance as part of its program to issue 100 billion naira ($261 million) bonds in the local currency to increase its capital ratios and financing capacity.

Proceeds from the Series 1 bonds will be used to support the Bank's small and medium-sized enterprises (SMEs) and retail banking services, as well as its information and technology infrastructure.

The bank intends to take advantage of the general fall in the return on fixed income securities on the domestic debt market to repay old debts at a lower cost.