SSNIT has not offered us HFC shares - Republic Bank

The Director of African Operations of Republic Bank of Trinidad and Tobago, Mr Robert Le Hunte, has denied media reports that the Social Security and National Insurance Trust (SSNIT) has offered its shares in HFC Bank to Republic Bank.

Media reports indicate that negotiations between the two parties on the sale are far advanced.

Speaking to The Finder on the matter, he said, “we never had such a discussion with SSNIT and did not receive any communication from SSNIT to that effect.”

He explained that they never had any discussion with SSNIT on the issue.

According to him, the attention of Republic Bank was drawn to the rumours making the rounds, and wondered where the information emanated from.

When The Finder contacted the Corporate Affairs Manager of SSNIT, Ms Eva Amegashie, she was categorical that the Board of Directors of SSNIT has not taken any such decision.

“SSNIT has not taken any decision on what to do with its shares in HFC bank,” she reiterated.

SSNIT currently owns about 26% of shares in the bank.

If the sale goes ahead, Republic Bank, which is currently the single largest shareholder of HFC Bank, with 40% shares will now have over 65% shares.

HFC and Republic Bank early this year accused each other of breaching the agreement reached on Republic Bank’s takeover of the bank.

Republic Bank earlier denied accusations made by HFC Bank that it did not go through the right legal process in its takeover bid of the bank, and also dismissed reports that it failed to go by the deal agreed between it and HFC Bank on the takeover.

HFC Bank subsequently dragged Republic Bank to court.