T&T’s Republic Bank to shift HFC’s focus to oil & gas in Ghana
Trinidad & Tobago’s Republic Bank says it will focus on oil & gas in Ghana after increasing its shares in HFC Bank to 32.02%.
Republic Bank initially purchased an 8.9% stake in HFC in December 2012, and late last week increased its investment to 32.02%, by acquiring shares previously held by the Aureos Africa Fund. This makes the bank the largest single shareholder in HFC Bank.
According to the T&T bank, it is bringing into Ghana oil and gas financing expertise as HFC embarks on a new course.
It says “Republic Bank has played a significant role in the oil and gas sector in Trinidad and Tobago and through its investment in and collaboration with HFC Bank, intends to bring that expertise and skill to Ghana for the benefit of this country’s energy industry and ultimately the people of Ghana.”
Ghana started producing oil in commercial quantity in 2010.
On mortgage financing, a reason for the establishment of HFC Bank, Republic Bank said it intends to use its vast expertise in this area to enhance the mortgage offerings of HFC and “help to grow that bank’s base, to the benefit of the home-owning public in Ghana.”
Republic Bank’s mortgage portfolio currently stands at more than $600 million in Trinidad & Tobago alone.
By Ekow Quandzie