Two shareholders of HFC move to halt bank’s takeover by Republic

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‘Majority of banks, 14 out of the 26 banks operational in Ghana, are foreign owned. Sixty per cent of banking assets are in the hands of the 14 foreign banks.

‘The largest bank in Ghana, Ecobank, is foreign owned. Out of the top five banks (by assets) only GCB appears as a distant second. This situation does not exist in countries like Malaysia, Singapore, South Africa, Kenya and many others. Why can’t we build our own institutions? Why play second fiddle in our own country?’ the plaintiffs contended.

‘We can bet that Republic Bank has come to Ghana with the enthusiastic support of their country’s Central Bank and their other state institutions. The question is: which of our institutions are supporting HFC at this time?’ they demanded.

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