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08.03.2007 General News

HFC Bank Gears Up

The HFC Bank Limited is gearing up to widen its operational network to cover the length and breadth of the country by the year 2008.

This is aimed at bringing not only banking but the opportunity to save and own property closer to all residents.

The Managing Director of the bank, Mr Asare Akuffo, made this known when a delegation from the Union Bank of Nigeria paid an official visit to bank in Accra.

With 90 years experience in banking, the Union Bank of Nigeria is a major partner in HFC Bank (Ghana), currently holding some 32 per cent shares. SSNIT, Ghana Union Assurance and SIC together with others, own the other 68 per cent shares.

Mr Akuffo, who described the partnership as a model, said it had facilitated the attraction of some big Nigerian corporate clients to it.

The Union Bank Chairman, Prof. Musa Yakubu, lauded the bank's partnership with HFC and expressed the willingness to increase its shareholding.

He said Union Bank's investment in Ghana was in line with its policy to expand into other African countries and that “we thought it wise to start with our nearest neighbour, Ghana, which also has a high potential for mortgage banking”.

The Group Managing Director and Chief Executive of Union Bank, Mr Barth B. Ebong, described the partnership as not only progressive and mutually beneficial, but also a demonstration of the co-operation between Ghana and Nigeria.

He commended efforts by African banks to consolidate their positions in African economies, saying because the financial sector was the main driver of economies in Africa, it was also the panacea for the alleviation of poverty.