Apr 2014 Financial News

Republic to acquire shares in Ghana bank

Apr 23, 2014

REPUBLIC Bank Limited yesterday announced that it has obtained approval from the required regulatory authorities to make a mandatory offer to all shareholders in HFC Bank Ghana.

In a statement, the bank said it had done so through the required announcement on April 17.

The announcement by Republic Bank on the floor of the Ghana Stock Exchange advised of the bank’s offer to all shareholders of the HFC Bank Ghana at an offer price of GH$ 1.30 (US$.047) per share. The bank said if all outstanding shareholders accept this offer, it will pay out US$83,697,859.

On November 17, 2003, the HFC Bank was issued with a universal banking license by the Bank of Ghana thus, evolving into a fully fledged universal bank. HFC Bank (Ghana) Limited currently provides a wide range of universal banking services namely: mortgage banking, commercial banking, investment banking, real estate services, microfinance operations and private equity/venture capital fund management. These make HFC Bank the most diversified universal banking institution in the Ghanaian banking industry.

HFC is the leading mortgage provider in Ghana with over 30 percent share of the mortgage industry. HFC Bank currently has 26 fully networked branches in the Greater Accra, Ashanti, Brong Ahafo, Northern, Eastern, Central and Western Regions. The Bank also has 30 on-site and off-site Automatic Teller Machines (ATMs).

Under a Technical Agreement, HFC Bank worked with the Central Bank of The Gambia to establish a mortgage institution in The Gambia in 1995. As at December 2012 the total issued shares of the Bank was 183.66 million ordinary shares and Market Capitalisation of GH¢ 133.24 million (US$71.63 million).

HFC Bank has strategic alliances in neighbouring West African countries such as Nigeria, The Gambia, Sierra Leone and Liberia.


Source:
Newsday
Wednesday April 23, 2014

http://www.newsday.co.tt/news/0,193744.html