Republic Bank takes over HFC Bank

Republic Bank has announced that it has increased its shareholding in HFC Bank to 57.11 per cent following a successful offer to the shareholders of HFC Bank.

This gives Republic Bank majority ownership and makes HFC Bank the fifth banking subsidiary within the Republic Bank Group.

Managing Director of Republic Bank Limited, David Dulal-Whiteway, in a statement issued by the bank in Accra yesterday thanked stakeholders for their support, during the process.

“We respect and honour 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,” he said.

He said the bank, in keeping with 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, and strong local influence in decision making, as we continue to think like a global bank, working with international best practice,” Dulal-Whiteway added.

“Republic Bank is grateful to both the individual and institutional shareholders of HFC Bank — for the confidence they have shown in Republic Bank,” he said.

With the current level of shareholding, Republic Bank now has the mandate to partner with HFC in introducing innovations and modern trends into HFC Bank.

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

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

Prior to the commencement of the offer period, Republic Bank already owned 40 per cent shareholding of HFC Bank

“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. Republic Bank is a long-term investor in HFC and we remain committed to our investment in HFC Bank. We also look forward to contributing significantly to the economic growth and development of Ghana and toward advancing our Africa strategy from this base,” he said.

By Times ReporterBy Times Reporter

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