HFC MD proceeds on leave prior to retirement

Dr. Asare Akuffo, the Managing Director of the HFC Bank has announced his retirement from the Bank effective June 30, 2015, after almost 25 years in service of the bank.

He would proceed on leave prior to his retirement today, April 23, 2015 after the bank’s 24th Annual General Meeting (AGM).

Speaking at the AGM, Dr. Akuffo explained to shareholders of the bank that he had decided to voluntarily proceed on leave prior to his retirement, at the age of 59, maintaining that his retirement had nothing to do with issues surrounding the Republic Bank’s bid to acquire ownership of the bank.

“I was first given a five-year term as the Managing Director (MD), which ended in 2010 and was renewed for another five years. At the time of the renewal, I already knew I would be retiring around this time so my retirement has nothing to do with the ongoing Mandatory Takeover Order, it was already planned that I’ll retire around this time,” he stated.

“HFC, no doubt has become one of the respected banks in the country, focusing on retail and SME customers,” stated Dr. Akuffo, who was a pioneer management staff, working as financial controller and Finance Director until his was appointed as MD in July 2005.

In his stead, the Board of the company has appointed Mr. Osei Asafo-Adjei, Executive Director, Corporate Banking to act as Managing Director.

The Chairperson of the Board of Directors, Mrs. Muriel Susan Edusei also announced her retirement from the bank at the AGM, after serving her second one-year term in that office.

She explained that “I have chosen not to stand for re-election, which is why I am retiring. You voted for me last year April and I have come to the end of my one-year term” she stated.