The Social Security and National insurance Trust (SSNIT) has dropped a plan to hold an Extraordinary General Meeting (EGM) to remove three directors on the board of HFC Bank. 

Their action has been influenced an agreement reached with all the parties involved in a boardroom tussle by a committee set up by the Bank of Ghana.

Also as part of the agreement, the current chairman of  the bank Muriel Adusei will hold her position until April,  when an Annual General Meeting will be held to elect a new chairman. 

However, a director on the bank's board is expected to step down to pave the way for Republic Bank - a shareholder in HFC - to nominate another director on the board.

This will mean Republic Bank will have three members on the  board while SSNIT will have two.

This will leave the total composition of the  board at - five persons nominated by shareholders two executive directors and two independent representative.