SEC clears Republic Bank of allegations

Republic Bank Limited (RBL) has expressed its satisfaction, having been cleared by the Securities and Exchange Commission (SEC) of recently made concert party allegations.

A statement issued by Michelle Palmer-Keizer, RBL General Manager, Group Marketing and Communications and copied to the Ghana News Agency on Monday said Mr Robert Le Hunte, RBL Director of African Operations said: “We are pleased with the results of the investigations published by the SEC in the January 12, 2015, issue of the Daily Graphic.

"It states, categorically, that “the Commission did not find a concert party relationship between Yellow Tide and Republic Bank with the intent of cooperating to consolidate control of HFC Bank”.

The statement said this confirms Republic Bank’s commitment to abide by the laws, rules and regulations that govern the territories in which they operate.

It said the Bank’s recent winning of the Supreme Court case, with respect to the action filed by HFC Bank in the High Court, endorses Republic Bank’s adherence to due process in Ghana as well as its confidence in Ghanaian state institutions.

It noted that the Bank looks forward to swift action by all interested parties toward concluding the long outstanding MTO – a widely internationally recognised process that attempts to give the ultimate owners of the company, i.e. the shareholders, the opportunity to make a decision on their shares.

“Also embedded in this process is the opportunity for the members of the board of HFC Bank, collectively or individually, to accept or reject the offer being put forward to them by the potential offeror.

“Republic Bank is proud of its reputation for respecting of the boundaries of the law and looks forward to working to bring this MTO process to an end.

“The Bank remains committed to the social and economic development of Ghana through its investment in HFC Bank,” it said.

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 175 years.

Republic Bank Group employs over 4,300 people in 71 branches throughout Trinidad and Tobago, Grenada, Guyana, the Cayman Islands and Barbados.