HFC Bank Ghana- Republic Comitted To Economic Growth

Port of Spain, Trinidad, Tuesday April 22, 2014: Republic Bank has announced that it has received the approval of the Bank of Ghana to acquire a majority control of HFC Bank in Ghana. As a result, in keeping with the Security and Exchanges Commission (SEC) Code on Takeovers and Mergers, the Bank issued an Announcement on April 17, 2014, indicating that it will be making a mandatory offer to all shareholders of HFC Bank (Ghana) Limited, to purchase shares in HFC Bank. The offer price is GHS 1.30 (USD 0.47) per share.

The Security and Exchanges Commission (SEC) Code on Takeovers and Mergers, requires a shareholder in a listed company whose shareholding reaches over 30%, to make an offer to remaining shareholders. In 2013, Republic Bank announced its acquisition of an additional 7.98% shareholding in HFC Bank Ghana from Union Bank of Nigeria PLC, which moved its initial shareholding to 40%, making it the single largest shareholder in that Bank. Republic Bank is awaiting the approval of the Bank of Ghana to proceed with its takeover bid.

In an April 21, 2014 release, Mr. David Dulal-Whiteway, Managing Director of Republic Bank Limited, expressed satisfaction that Republic Bank had received the green light from the Bank of Ghana, to proceed with the mandatory offer, as required by the SEC code. “Republic Bank is committed to the regulatory process and as such an offer document will be made available to all shareholders within the prescribed time frame,” he said.

“Republic Bank has a proud legacy of service in all markets which it serves and creating value for all stakeholders, including its customers, staff and the people of each of the countries it has entered. Republic Bank has so far invested over 40 million dollars in HFC Bank and has been demonstrating this commitment to HFC Bank, by investing in training programmes for staff at the Bank’s head office in Trinidad and Tobago and, in particular, has facilitated training of HFC Bank staff in oil and gas and operational risk.” Additionally, three Republic Bank staff members are currently on secondment to HFC Bank, helping in the development of systems, procedures and new products” he added.

Republic Bank is committed to serving communities around the globe with locally focused service. With each entrance into a new market, the Bank has taken a deeply involved approach to working closely with the Board of Directors and Management, ensuring that staff receive the relevant training while observing the local culture. Republic Bank is keenly focused on developing each of its subsidiaries into strong and stable companies, thereby enhancing its position as the financial institution of choice for all the communities it serves. The Bank assures all HFC Bank stakeholders of its long-term commitment to HFC Bank and to Ghana.