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Fidelity Bank Invests in CSCS The Central Bank of Nigeria (CBN) has approved Fidelity Bank's acquisition of some stake in the Central Securities Clearing System Limited (CSCS), a subsidiary of the Nigerian Stock Exchange,(NSE). Sources at the bank indicated that this approval to invest in CSCS was given by the apex bank to Fidelity Bank at the weekend. The CSCS operates a computerized clearing, settlement and delivery system for transactions in shares listed on the NSE. It also functions as a central depository for share certificates of companies quoted on the Exchange, subregistry of all quoted companies, issuer of identification numbers of stock brokers and investors, as well as a safekeeper of local and foreign investment instruments. In addition to Fidelity Bank's investment in the CSCS, the bank THISDAY gathered, has also been approved as a settlement bank for stockbrokers. This in a nutshell means that Fidelity Bank is entitled to handle transactions (issues traded) on the Exchange. The developments are said to be in line with the bank's strategic vision and indicative of the unfolding niches where the bank would be playing. Financial analysts see Fidelity Bank's investment in the CSCS as a deft strategic move considering the future of the stock market in Nigeria and the role that CSCS will play. The CSCS in 2003 had a turnover of N120 billion(worth of transactions. With the volume of activities on the stock market this year, the turnover is projected to be higher than 2003 levels. Currently, the market is running at an average of about N3.5 billion turn over per week. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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