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Business News Tue, 22 Aug 2006

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HFC Bank, SSNIT to deliver affordable Houses

Accra, Aug. 22, GNA - HFC Bank is collaborating with the Social Security National Insurance Trust (SSNIT) to make available a 100-billion cedis facility to assist members of the Ghana Real Estate Developers Association to deliver affordable residential houses for consumers.

Processing of applications has already begun and the loan would be delivered by the close of the year. The Managing Director of HFC Bank, Mr Asare Akuffo announced this when the Bank took its turn on the 'Facts Behind the Figures' programme of the Ghana Stock Exchange to brief the media and brokers on their half-year performance.


He said with the improved economic environment the Bank would revitalize its Home Loans Operations with new initiatives and expressed the hope that it would achieve the expected growth in Home Loans portfolio to 198.8 billion cedis by the close of the year. Mr Akuffo said HFC expected a boom in the housing sector, following years of slow down and was certain to meet demands of consumers through new houses that would be available next year.


The Bank is also working to repackage its mortgage finance schemes to make them more acceptable to the market and ensure an effective interface with non-resident Ghanaians.


Besides, the Bank is introducing new mortgage roducts to address the needs of a wide spectrum of customers with varied levels of income. On the performance of the Bank as at the end of June this year, Mr Akuffo said total assets grew from 704.5 billion cedis as at the end of December 2005 to 970.3 billion cedis.

He said high levels of deposits recorded in the first half of the year fuelled the growth in assets.


Deposits went up to 371.2 billion cedis as at the end of June from 280.2 billion cedis registered in December 2005.


Mr Akuffo said the Bank would focus more on deposit mobilisation while micro-finance lending operations would also be invigorated. He expressed the hope that by the end of this year, HFC Bank would expand its market share in commercial banking and continue to maintain leadership in mortgage financing and the management of various funds.

Source: GNA

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