Business News of 2014-05-07

Republic Bank plans to complete HFC takeover by Dec.

Republic Bank says they are planning to complete the takeover of HFC Bank by December. That is if shareholders finally decide to sell their shares to the Caribbean bank.
Republic Bank is currently offering shareholders of HFC bank 1 Ghana cedi 60 pesewas for every share.
This was after it increased its holding in HFC to 30 percent which requires a mandatory takeover according to the current rules on takeover and mergers in Ghana.
However, there have been strong oppositions by some persons at HFC because of how the whole process was handled. But the Group General Counsel and Corporate Secretary, Jacqueline Quamina, is assuring all interested parties at HFC that nothing would change if they are able to take over.
“This is because we like the current management and staff currently in place at HFC bank. What we might just do is bring in some personnel with some expertise to help with the training of staff to aid the growth of the bank.”
She, however, denied reports that their takeover could be described as hostile one.
She also ruled out any immediate plans to re-brand HFC if it is successful with the takeover.
Republic Bank Limited is one of the largest and most successful independent commercial banks in the English-speaking Caribbean. Republic Bank has served retail-banking customers, corporate clients and governments throughout the region for 176 years.
Today, the Republic Bank Group has a staff complement across the Caribbean region of 4,098. Republic Bank Limited has considerable experience in retail banking particularly in the area of mortgages and credit cards.
It also has extensive knowledge of financing of the oil and gas sectors in Trinidad and Tobago. As at September 2013, the assets of Republic Bank Limited stood at US $9.1 billion, with equity at US$ 1.3 billion and profits attributable to shareholders for the year ended September 2013 of US$ 182.2 million.
Republic Bank is listed on the Trinidad and Tobago Stock Exchange with subsidiaries in Trinidad Guyana, Barbados and Grenada as well as in other Caribbean Countries. Republic Bank's support of its Caribbean subsidiaries has resulted in all cases in market share growth and increased profitability.