Wednesday, 14 May 2014

Republic Bank Plans To Complete HFC Takeover By December

Republic Bank says they are planning to complete the takeover of HFC Bank's by December. That is if shareholders finally decide to sell their shares to the Caribbean bank. Republic Bank is currently offering shareholders of HFC bank 1 Ghana cedi 60 pesewas for every share. This was after it increased its holding in HFC to 30 percent which requires a mandatory takeover according to the current rules on takeover and mergers in Ghana. However, there have been strong oppositions by some persons at HFC because of how the whole process was handled. But the Group General Counsel and Corporate Secretary, Jacqueline Quamina is assuring all interested parties at HFC that nothing would change if they are able to take over.

Republic Bank Limited is one of the largest and most successful independent commercial banks in the English-speaking Caribbean. As at September 2013, the assets of Republic Bank Limited stood at US $9.1 billion, with equity at US$ 1.3 billion and profits attributable to shareholders for the year ended September 2013 of US$ 182.2 million.

Republic Bank is listed on the Trinidad and Tobago Stock Exchange with subsidiaries in Trinidad Guyana, Barbados and Grenada as well as in other Caribbean Countries. Republic Bank's support of its Caribbean subsidiaries has resulted in all cases in market share growth and increased profitability.


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