Republic Bank to buy shares from HFC Bank shareholders

Republic Bank Limited (Republic Bank), has annouinced that it will buy the shares of shareholders of the HFC Bank, in line with the Security and Exchanges Commission (SFC) Code.

Republic Bank currently holds 40 per cent of the shares of HFC Bank Ghana Limited making it the single largest shareholder in HFC Bank. 

The SEC Code on Takeovers and Mergers requires a shareholder in a listed company whose shareholding reaches over 30 per cent to make an offer to remaining shareholders. 

The Bank of Ghana has granted Republic Bank approval to make the offer.

Mr David Dulal-Whiteway, Managing Director of the bank said “Republic Bank is committed to the regulatory process and as such an offer document will be made available to all shareholders within the prescribed timeframe. 

Republic Bank will continue to work with the board, management and staff of HFC Bank to enhance and broaden HFC’s product offering, in particular, the mortgage offerings, towards growing its base and benefitting the home owning public in Ghana. 

Mr Dulal-Whiteway emphasised Republic Bank’s philosophy of maintaining strong local participation in all of its overseas investments. “While we think like a global bank, we always try to act local in our business dealings, ensuring that there is strong local input, strong local content and knowledge and strong local influence in decision making. Our investment in HFC Bank, Ghana will be no different. We ar Republic have the capital, the financial and human resources to add value to HFC.”