Republic Bank now holds 40% stake in Ghana’s HFC Bank

Caribbean-based Republic Bank has cemented its stake as the single largest shareholder in Ghana’s HFC Bank.

The Trinidad and Tobago bank has now increased its shares in the Ghanaian bank to 40% after acquiring 7.98% shares in addition to its previous 32.02%.

The Bank said it bought the shares previously held by the Union Bank of Nigeria Plc.

Republic Bank yesterday September 30, 2013 announced it has purchased 23,638,340 ordinary shares on the Ghana Stock Exchange at a price of GH¢0.67 ($0.31) per share, making it the single largest shareholder in HFC Bank Ghana.

Republic Bank’s Managing Director David Dulal-Whiteway said the acquisition emphasized its philosophy of maintaining strong local participation in all of its overseas investments.

The Caribbean lender initially purchased an 8.9% stake in HFC in December 2012, and later increased it to 32.02%, following the acquisition of shares previously held by the Aureos Africa Fund.

With an asset base of $301 million, HFC Bank operates 26 branches throughout Ghana.

By Ekow Quandzie