HFC Bank, one of the leading home finance institutions in the country, has launched its twenty fifth anniversary to highlight some of the successes the bank has chalked over the years.
Speaking at the launch of the Silver Jubilee anniversary in Accra, Dr Asare Akufo, Managing Director of HFC, said the bank started in 1990 under a World Bank project dubbed “Urban II” to enable working Ghanaians to purchase homes.
He said as part of the project Ghanaians were to acquire the homes and pay in twenty years time.
He noted that people who invested in the Home Finance Company (HFC) project in collaboration with the Social Security and National Insurance Trust (SSNIT), COCOBOD and Merchant Bank now Universal Merchant Bank (UMB) reaped huge benefits in 1995.
He said after ten years of existence, the bank was accorded a status of universal bank in 2003 from the Bank of Ghana.
He said today, HFC Bank is among the top seven banks within the twenty eight universal banks that have proven to be strong in the country.
He said the bank came from a small beginning specialised in home finance to its current status as one of the leading universal banks in the country.
He said around the same time, HFC introduced the first collective scheme in the country called HFC Unit Trust which has also blossomed into five funds.
He added the the bank became the most active issuer on the Ghana Stock Exchange after listing in March 1995.
“For a long period, HFC share price was the best performing on the Stock Exchange and has reach the Zenith of its operation’.
He explained that the conversion of HFC from a finance company to a Universal Banking Institutions was in November 2003.
He maintained that the challenge of competing in the banking sector with over twenty others has been tough and he was hopeful the company will overcome.
He said the bank has come this far, through the strong foundation laid by the founding fathers who exhibited the culture of commitment, dedication, innovations and integrity.
He said staff of HFC staff are known for what has made the bank what it is today.
“Let be proud carriers of the HFC banner and for what all of us have worked to achieve since 1990.
He this means Ghanaians are capable of building strong and vibrant institutions and brands that can stand the test of time.