The HFC Bank Ghana, is poised to rebrand to the Republic Bank Ghana later this month after it got an approval from its shareholders in September 2017.
The move is to take place on April 24, 2018.
Managing Director of HFC Bank, Mr. Anthony Jordan made this known during a breakfast encounter with the press in Accra.
The move comes as a result of the Trinidad based Republic Bank gaining controlling stakes in HFC Bank last year.
‘’Prior to this, we have been re-tooling our operations and systems to transform the culture of banking to a more performance-based bank.’’
The Managing Director said his outfit is immensely proud of its mortgage heritage and intends to improve upon that with the rebranding.
He noted the move will also enhance the bank’s products offering even further, by introducing some key features and benefits that best suit the Ghanaian market.
‘’We will align our systems and procedures to ensure that whatever we do through the rebranding, comes along with the benefits of investments in the communities we operate in,’’ he stated.
He said the HFC bank is confident it will reach the December 2018 minimum capital requirement deadline, set by the Bank of Ghana.
“We have to do another rights issue of GHS254 million to get us to the GHS400 million requirement by December this year.
Last year, in December 2017, we had a successful rights issue of GHS50 million and we are confident we will raise the GHS400 million requiremed before the year is out’’, Jordan added.
The HFC Bank, based on the commitment shown by its shareholders, is among a few commercial banks that have articulated confidence in meeting the December deadline for the new minimum capital requirement.
Republic Bank Ghana Limited.
By Mawuli Y. Ahorlumegah