Republic Bank Seeking To Have Action Dismissed

Port of Spain, Trinidad, Wednesday June 18, 2014: Republic Bank confirms that it, along with Ghana’s Securities and Exchange Commission, has been named as a Defendant in proceedings brought on behalf of HFC Bank in the High Court of Ghana. These proceedings seek an injunction to prevent Republic Bank from continuing the process for a mandatory offer to all shareholders of HFC Bank Ghana.

On June 16, in a hearing of Republic Bank’s application to dismiss the action, before his Lordship Justice Koomson at Commercial Court B, Accra, Ghana, the matter was adjourned for parties to file written submissions and set down for ruling on Monday, June 23.

The Bank is disappointed that these legal proceedings have been resorted to, as they have delayed the mandatory takeover process. Republic Bank is confident, however, that the matter will be successfully resolved, thereby allowing shareholders to exercise their rights to consider whether to sell their shares.

Republic Bank holds integrity at the core of all its relationships; generating trust and confidence from its customers, suppliers, shareholders and the general public. The Bank consistently demonstrates honesty, fairness and openness in everything that it does, and its business processes and practices support service excellence while protecting the interest of its customers, its employees and its shareholders.