Trinidad & Tobago’s Republic Bank acquires larger stake in Ghana’s HFC Bank

Republic Bank now controls 40 percent of the HFC Bank Ghana, after acquiring an additional 7.98 percent shareholding in the Ghanaian financial institution.

In a statement, the Trinidad & Tobago-based bank said that it purchased 23,638,340 ordinary shares at a price of GHS 0.67 (US$0.31) per share, making it the single largest shareholder in HFC Bank Ghana.

Republic Bank earlier held a 32.02 percent shareholding in the Ghanaian bank. The share purchase was made on June 26 on the Ghana Stock Exchange and represented shares previously held by Union Bank of Nigeria.

Republic Bank Managing Director David Dulal-Whiteway said the acquisition emphasized its philosophy of maintaining strong local participation in all of its overseas investments.

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