HFC bank to meet minimum capital requirement by September

HFC bank says it hopes to meet the 60 million cedis minimum capital for banks by the end of September.

The bank is currently engaging some institutional investors through private placement to some 50 million Ghana cedis which it hopes to complete very soon.

This should increase HFC's stated capital to nearly 100 million from the current 45 million Ghana cedis.

Managing Director of HFC bank, Asare Akuffo tells Joy Business the bank would still maintain a mix of local and foreign ownership after raising the capital.

Locally owned banks have to meet the 60 million cedi capital requirement to operate after December. Already six banks have met the capital requirement.

They include Ghana Commercial Banks, CAL bank, National Investment Bank, Agricultural Development Bank, UT bank and Merchant bank.

Meanwhile, HFC bank is attributing its good run for the first six months of the year to prudent management. Its profits shot up by 37 percent to 7.8 million Ghana cedis.