HFC Shareholders Must Take A Decision –Republic Bank

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The managers of Republic Bank, one of the leading Caribbean banks, have asked shareholders of HFC Bank to take a decision on their shares to enable the bank bring its expertise into the country.

Madam Jacqueline Quamina, Group General Counsel of Republic Bank (RBL), made this call at a media briefing on the offer the foreign bank is making for the takeover of the leading indigenous banks in the housing industry in the country.

She appealed to the share holders to make the correct decision on the offer RBL, was making to them.

She said for the past two years RBL, has been knocking on the doors of share holders of HFC to no avail.

She expressed RBL does not believe in hostile takeovers in all its operations across the Caribbean.

She said for over one hundred seventy years, the bank has been a financial institution of choice in the mortgage industry in the Caribbean.

She said the bank has a set up that can be shared with HFC and the shareholders must take a decision on the 50.1 percent offer.

She said Republic Bank is further offering 1.60 percent to the shareholders on all the subsidiaries of HFC in the country.

She maintained RBL has for the past years been offering technical services to HFC,to reinforce the areas of risk management , credit card and electronic banking management.

According to her, the technical service added a significant value to the operations of HFC in facilitating its transformational growth culminating in the success story of the silver jubilee anniversary.

We are proud that after a year of attachment of senior managers of RBL to HFC, there has been an increase in returns representing 11 to 23 percent.

The progress we have seen is promising and we look forward to an even brighter future she noted.

She said Ghana and Trinidad and Tobago according to history has the same cultural and business similarities that can come from collaborating with the two nations to achieve a common goal.

She explained that RBL is leader in the areas of mortgage and card issuance with more than 35 percent market share in a five – player market as well as 50 percent market share in merchant point of sale services.

She said RBL holds a solid, long term relationship with its customers on the retail, commercial and corporate levels and seeks to drive the economies of the countries it operates in.

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