No Name Change For HFC Bank-Republic Bank Assures

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By Cecil Mensah

Even though the Trinidad and Tobago based Republic Bank, has taken over the operations of HFC Bank, the name of the bank, will not change.

According to the managers of the Republic Bank, re-branding is not on the agenda and the bank has not taken a decision on that.

The manager said, the bank has a policy to work with brands acquired for close to seven years before decisions are taken on re branding.

Republic Bank has acquired 57.1 percent of shares in the one of the leading banks for the mortgage industry in the country.

The acquisition of the 57.1 percent of shares amounted to seventy- five million Dollars an equivalent of three hundred thousand Ghana Cedis.

Interacting with some selected media personnel in Accra to brief them on the success of the takeover of shares in HFC bank, Mr Robert Le Hunte, Acting Managing Director of HFC bank, said this has always been the policy of the bank over takeovers.

He said the process of acquiring HFC has received a lot of media attention and now that is over, the bank would strive to be among the top ten best performing banks in the country.

He said the bank has over the past twenty five years opened forty branches and now operate in seven out of the ten regions.

He noted the area of home finance will continue to remain a key area of operations of the bank as part of the acquisition.

He explained the Republic Bank was bringing on board expertise in the mortgage industry as well as expertise in the downstream oil and gas sector.

He said, Republic Bank wants to use the HFC platform to open branches in other parts of Africa particularly in the Sub-Saharan parts of Africa.

He said HFC has become part of the largest financial institution in the English speaking Caribbean.
Republic Bank as of September last year, has a financial capacity of 19.4 billion Dollars and an equity share of 1.4 billion Dollars to shape the operations of HFC.

He took the opportunity to commend the shareholders of the HFC for the successful transaction adding that this build confidence in doing business in the country.
He commended the media for the partnership and support for a successful tender.

He further commended the founding fathers of the bank for their greater vision to realize its own vision as a home finance company.
He said the vision of Republic bank is to make HFC a top tier bank in the country.

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