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Republic Bank confident of HFC Bank Ghana takeover

Republic Bank already owns a 40 per cent stake in Ghanaian firm HFC Bank. (Image source: World Bank Photo Collection/Flickr)

Republic Bank has expressed confidence that it will acquire a majority share in Ghanaian bank HFC

The Caribbean-based bank currently owns around 40 per cent of HFC, but needs to obtain a minimum 50.1 per cent stake by 7 May 2015 in order for the deal to go through.

However, representatives of Republic Bank have said that positive investor feedback has left the firm feeling optimistic that an agreement can be reached.

Republic group general counsel Jacqueline Quamina claimed this week that the takeover’s successful execution would enhance the bank’s objective of building a strong, competitive institution, whilst also contributing positively to the Ghanaian economy.

Speaking at a media briefing in Accra this week, Quamina promised, “HFC bank will remain largely a Ghanaian bank and what we can do is to make it stronger.”

Republic would use its 175 years of experience to inject dynamism into HFC, she said, adding that there would be no redundancies if the takeover was successful.

“We will work with the local staff and the government, and other stakeholders to grow HFC bank,” said Quamina.

Republic has offered HFC Bank shareholders US$0.42 per share; 18 per cent above the average company share price during the year to date.

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