Business
Trinidad & Tobago’s Republic Bank expanding into Africa – acquires stake in a Ghanaian bank
Trinidad & Tobagos’ Republic Bank has confirmed that it has acquired an 8.9 percent stake in HFC Bank in Ghana.
According to the Republic bank’s CEO, Mr. David Dulal-Whiteway, this equity acquisition is part of the bank’s strategy to expand into regions outside of its traditional Caribbean markets.
In a statement, Dulal-Whiteway said the investment in HFC will open up for Republic Bank’s local business clients, new opportunities to do business on the African continent. “Africa, and in particular Ghana has been a key growth area for international business, and several of our Trinidad & Tobago corporate clients have been actively exploring those markets.”
He also noted that Republic Bank’s strong knowledge of oil and gas financing business in the Caribbean would prove beneficial to the African bank.
According to Ghanaian media, the HFC needed the injection of funds to meet the Bank of Ghana’s minimum capital requirement and the Republic Bank acquisition has equipped the bank to increase its stated capital to 95 million Ghana cedis (US$ 50 million).