Republic gains majority stake in Ghana bank

PORT OF SPAIN, Trinidad, Guardian - Republic Bank Ltd has acquired a majority stake in Ghana’s HFC Bank Ltd and is prepared to make an offer for all the remaining shares in the bank if it is mandated to do so.

“Republic Bank continues at this time to engage in discussions with the SEC and the Bank of Ghana (BoG) regarding the possibility of a waiver of the mandatory offer, but is prepared and able to make an offer for all of the remaining shares in HFC Bank should it be mandated to do so by the regulators,” the bank said a statement signed by Robert Le Hunte, Country Manager for Ghana and sub-Saharan Africa.

After increasing its shareholding in HFC to 32.02 per cent earlier this year, Republic Bank was required by Ghana’s Securities and Exchange Commission (SEC) rules to make a mandatory offer to take over the local bank. Republic, however, asked SEC to grant it a waiver.