Jun 2013 Financial News

Republic Bank Limited Acquires Shares in HFC Bank Ghana

Jun 12, 2013

Republic Bank Limited announces that it has completed the acquisition of 32% of the shareholding of HFC Bank GhanaLimited, making it the single largest shareholder in the Ghana bank. HFC Bank was licensed as a commercial bank in 2003 and operates 26 branches throughout Ghana. The bank has an asset base of US$301 million and declared profit after tax of US$7.7 million in its last financial year.

In December, 2012 Republic Bank Limited acquired 8.79% of the shares of HFC Bank Ghana Limited and on June 7, 2013 purchased a further 23.23% of HFC Bank from Aureos Africa Fund LLC., at a price of US$0.30 per share. It’s shareholding inHFC Bank now stands at 32.02%.

Republic Bank Limited has received the approval of the Bank of Ghana for the investment and Mr. Robert Le Hunte, General Manager, Corporate and Investment Banking at Republic Bank Limited has been appointed to the HFC Bank Board of Directors. Republic Bank Limited has committed to working together with the management of HFC Bank to grow the retail banking business in Ghana.

Jacqueline Quamina
Corporate Secretary/General Counsel
June 11, 2013


Source:
The Trinidad and Tobago Stock Exchange Limited
Wednesday June 12, 2013