Business News of Thursday, 12 April 2018
HFC Bank Ghana Limited has stated that it will rebrand as Republic Bank Ghana Limited on 24th April, this year.
“Our shareholders gave us approval at our last EGM in September 2017, and we are happy to announce that we have the necessary approval to rebrand from HFC Bank Ghana Limited to Republic Bank Ghana Limited,” Anthony Jordan, Managing Director of the bank, told journalists yesterday in Accra.
Indicating that the exercise is a critical one that would assist the bank in its capital mobilization efforts internationally, he said HFC Bank is a member of an international group with asset worth over $68.9 billion.
“We are here to stay and grow even bigger. We have already proven we will meet the new capital requirements within the stated timelines,” he said.
He added that the bank had a successful rights issue of GH¢50 million last year and would meet the GH¢400 million requirement before the end of the year.
“We have to do another rights issue of GH¢254 million to get us to the GH¢400 million requirement by December this year. We have started that process, and we expect it to be oversubscribed. We will easily raise the GH¢400 million based on the commitment shown by our shareholders,” Mr Jordan added.