HFC shareholders approve employees' share ownership scheme

Accra, April 10, GNA - Shareholders of HFC Bank Ghana on Thursday approved a share ownership scheme for employees of the bank. Mr Asare Akuffo, Managing Director of the Bank, told the shareholders at the Annual General Meeting that the institution of the scheme would serve as a further motivation for staff to work hard to deliver good results for the bank. A similar scheme was undertaken in 1999.

Mr Akuffo said the bank would engage professionals to work on the details of the scheme, adding, however, that staff ownership in the company would not exceed five per cent. Board Chairman, Nana Agyei Duku, said the bank would remain focused on the implementation of the five-year strategic plan to enhance growth, expand the bank's investments and foster stronger strategic alliances on both the domestic and international markets. The bank will also undertake automation processes to streamline its operations and fully integrate into the national switch system as well as increase its branch networks across the country.

Nana Duku said the additional capital that would be acquired through the 10 million GH cedis Rights Issue this month would enable the bank to achieve branch expansion within the country and explore investment opportunities within the sub-region. It will also enable the bank to improve its ICT infrastructure to better serve the corporate and retail customers better. This, Nana Duku said, would stand the bank in a better position to survive the competition in the financial services sector.

The bank's profit after tax for 2007 jumped by 153.8 per cent to 3.251 million GH cedis from 1.22 million GH cedis in 2006. Total assets increased by 50 per cent to 162.2 million GH cedis from 108.1 million GH cedis in 2006. Nana Duku said expansion of branch network resulted in increased customer deposits by 50.6 per cent to 83.6 million GH cedis from 55.5 million GH cedis last year. Operating cost, however, went up by 57 per cent on account of increased staff numbers.