Republic Bank Increases Shareholding In HFC

Asare Akuffo – MD, HFC Bank

Asare Akuffo – MD, HFC Bank

Asare Akuffo – MD, HFC Bank
Republic Bank Limited, a Trinidad & Tobago-based shareholder of HFC Bank, on Thursday announced plans to increase its investment in the Ghanaian bank.

The move, which is in line with the Security & Exchange Commission’s Code on takeovers and mergers, has been approved by the Bank of Ghana (BoG).

Republic Bank is currently the single largest shareholder of HFC Bank Ghana with 40 percent shares.

David Dulal-Whiteway, Managing Director (MD) of Republic Bank Limited, in a comment, indicated that his outfit was committed to the regulatory process, adding that an offer document would be made available to all shareholders within the prescribed timeframe.

He mentioned that Republic Bank will continue to work with the board, management and staff of HFC Bank to enhance as well as broaden HFC’s product offerings, particularly mortgage offerings, towards growing its base and assisting home-owners in Ghana.

‘While we think like a global bank, we always try to act local in our business dealings, ensuring that there is a strong local input, strong local content and knowledge and strong local influence in decision making. Our investment in HFC Bank will be no different. We at Republic Bank have the capital, the financial and human resources to add value to HFC.’

Republic Bank has so far invested over $40 million in acquiring shares in HFC Bank and its future investment could be in the region of $100 million.

Three Republic Bank staff are currently on secondment to HFC Bank to help in the development of systems, procedures and new products.

A business desk report

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