HFC To Offer New, Improved Services Under Republic Bank Ownership

The Home and Finance Company (HFC) Bank is poised to offer new and improved services to its customers under the new Republic Bank Group leadership; the Acting Managing Director of HFC, Robert Le Hunte, has disclosed.

He made this known during a post-MTO media engagement in Accra on Wednesday, May 20, 2015, to inform the media and general public on the current status of the HFC Bank.

According to the Acting Managing Director, the aim of the Mandatory Take-Over (MTO) of HFC is to develop it into a home-grown brand of quality, proudly associated with Ghana and its people to reach what the best in the world has achieved in banking.

In this vein, Le Hunte disclosed that Republic Bank currently shareholding in HFC is 57.11%, making the former the majority shareholder, with the acquisition investment amounting to US$75 million. To this effect, HFC now remains a subsidiary of the Republic Bank Group.

He described the successful completion of the MTO as an important milestone in the life of HFC Bank which is currently twenty-five (25) years, stating that HFC will now benefit from the rich history and experience of the Republic Bank Group which has been in existence for about 176 years.

Recounting some history and experiences of Republic Bank, Le Hunte disclosed that the bank is the largest financial institution in the English-speaking Caribbean.

He said the bank assets, as September 30, 2014 stood at US$9.4 billion, with equity at US$1.4 billion, and US$192.0 million as profit attributable to shareholders for the year ended.

“It is this rich history that is now being available to shape the future of the HFC Bank,” Le Hunte stated.

He said HFC Bank will leverage on Republic Bank’s experience in mortgage financing, financing infrastructure projects, syndicating loans and banking blue chips to increase its market share with the bigger balance sheet being created.

“This will see HFC’s equity base strengthened to provide competitive mortgage loan products with longer maturities. We assure you also that Home Financing will remain a key strength while new areas such as the oil and gas sector financing among others are also developed,” he said.

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