Republic Bank increases shares in HFC Bank


Mr Dulal-Whiteway
Accra, May 15, GNA – The Republic Bank (RB) has increased its shareholding in HFC Bank to 57.11 per cent making it the majority owner of HFC Bank, the fifth banking subsidiary within the RB Group.

A statement issued in Accra and copied to the GNA said with the current level of shareholding, the Bank now had the mandate to partner with HFC in introducing innovations and modern trends into the HFC Bank.

Mr Dulal-Whiteway, the Managing Director of RB Limited, said the RB, in keeping its philosophy, would maintain strong local participation in its operations at HFC Bank.

‘We will promote strong local ownership, ensuring that there is strong local input, strong local content and knowledge, working with international best practice’, he said.

The statement said the offer period closed on May 7, after remaining open for the regulatory period of 30 working days.

It said the Securities and Exchange Commission code on Takeovers and Mergers required the RB to make a mandatory offer to all shareholders after it crossed the 30 per cent shareholding level in HFC Bank.

‘Prior to the commencement of the Offer period, RB already owned 40 per cent shareholding of HFC Bank’.

The statement said ‘our key focus is to work with our partners, shareholders, and management and staff of HFC Bank to add value to the operations of HFC and contribute to economic growth and development in Ghana’.

‘We respect and honor the founders, staff and customers of HFC Bank, who have made it what it is now and we look forward to steering HFC Bank toward becoming one of the leading banks in the country,’ it said.

Republic Bank Limited is the largest and most successful independent commercial bank in the English-speaking Caribbean.

It has served retail-banking customers, corporate clients and governments throughout the region for 176 years. Today, Republic Bank Group employs over 4,300 people in 71 branches throughout many countries, including, Trinidad and Tobago, Grenada, Guyana, the Cayman Islands and Barbados.

Republic Bank has played a significant role in the oil and gas sector in Trinidad and Tobago and through its investment collaboration with HFC Bank, intends to bring that expertise and skill to Ghana for the benefit of the country’s energy industry and ultimately, the people of Ghana.

GNA


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