HFC Bank to be among top three banks - Le Hunte

Accra, May 20, GNA - Republic Bank, the majority owner of HFC Bank, has set itself an ambitious target to position HFC bank among the first top three banks in the country in the next three years.

The feat would be achieved through product innovation, injection of additional capital among others.

'Republic Bank now plans to introduce new services and products into HFC Bank to make the Bank more capable of meeting the needs of the customers. Exciting, innovative developments are underway,' Mr Robert Le Hunte, Acting Managing Director HFC Bank told a post Mandatory Takeover media briefing in Accra.

'We are happy that the Mandatory Takeover has ended successfully after a long journey. Such successful transactions build confidence in the investment climate that Ghana has established and also make the Ghana Stock Exchange attractive for foreign investors,' Acting Managing Director of Republic Bank Limited

Mr Le Hunte said the management team remained committed to move HFC Bank to new heights and to improve it for the benefit of stakeholders.

'I and my management team and staff of HFC Bank assure them we will continue the good work that has been started and we remain committed to move HFC Bank to new heights and improve it for the benefit of all of our stakeholders,' he said.

Mr Le Hunte said HFC Bank had reached a very important milestone in its life after 25 years of dedicated service to customers and the Ghanaian public.

'It is also at this period that the Bank begins its journey into the next 25 years, having become a part of a bigger bank, poised to realise its vision to grow to become one of the leading bank's in Ghana and expand into the West Africa sub region,' he said

He said Republic Bank intends to pursue a vision of improving HFC's competitive advantage in the market to bring even greater value to the customers, leveraging on its experiences in the many markets in which it operates.

'Republic Bank already has vast experience in mortgage financing and we will see more expansion in our mortgage financing services to our customers; and many more products and services,' he said, adding that HFC Bank would be the focal point of the planned expansion of Republic Bank into other parts of Africa.

Mr Le Hunte said to achieve the vision for HFC Bank, there are plans to invest in capacity building programmes to serve customers better and also create greater career opportunities for staff.

'There will be training and knowledge transfer to enhance the competitiveness of the bank,' he said, adding that over the next months, HFC Bank and Republic Bank would work on the re-alignment of systems and procedures to harmonise operations.

'Republic Bank intends to pursue a vision of improving HFC's competitive advantage in this market to bring even greater value to the customers who we serve here in Ghana.'

HFC Bank will leverage on Republic Bank's experience in mortgage financing, financing infrastructure projects, syndicating loans and banking blue chips to increase its market share with the bigger balance sheet being created.

This will see HFC's equity base strengthened to provide competitive mortgage loan products with longer maturities.

Republic Bank is the majority owner of HFC Bank with 57.11 per cent shares. To date Republic Bank has invested $ 75m in HFC BANK.

Republic Bank's majority shareholding of the HFC Bank means HFC Bank has become part of the Republic Bank Group, headquartered in Trinidad and Tobago.

GNA