After several attempts, Republic Bank Limited finally has majority ownership of HFC Bank (Ghana), with increased shareholding of 57.11 per cent, following a successful offer to the shareholders of HFC Bank.
This brings to five, the number of banking subsidiaries within the Republic Bank Group.
The offer period closed on May 7, after remaining open for the regulatory period of 30 working days. Republic Bank owned 40 per cent shareholding of the HFC Bank, prior to the commencement of the offer period.
Republic Bank Limited said in a Press release that with 57.11 per cent shareholding in the Ghanaian bank it now had the mandate to partner with HFC to introduce banking innovations and modern trends.
“This achievement also cements a key cornerstone in the Republic Bank’s strategy for sub-Saharan Africa,” it said.
Managing director of Republic Bank Limited, David Dulal-Whiteway, thanked all stakeholders and well-wishers for their support during the process, saying that he looked forward to “steering HFC Bank towards becoming one of the leading banks in the country”.