[ 2014-04-18 ]

Republic Bank to make compulsory offer to shareholders of HFC Bank
The biggest financial institution in the
Caribbean, Republic Bank has announced its
decision to make a mandatory offer to the
shareholders of HFC Bank.

The announcement was contained in a circular
issued by the Ghana Stock Exchange to shareholders
this morning.

If the offer is successful, it could lead to
Republic Bank becoming the majority shareholder of
HFC Bank and possibly take over the institution.

Republic is making this offer after the Bank of
Ghana gave them the approval in April 11 and 14 to
go ahead with the move.

The Caribbean Bank last year increased its
shareholding in HFC Bank, but asked the Bank of
Ghana for a waiver not to take over the bank
then.

The Executive Director in charge of Risk
Management at HFC who was recently nominated by
Republic Bank told Joy Business last year that
they don't want to rush the takeover.

According to them, they still need to get a deeper
understanding of the Ghanaian market before they
look at the option of a takeover.

Source - MyjoyOnline

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