HFC to rebrand as Republic Bank this month

HFC to rebrand as Republic Bank this month
Source: Ghana| JoyBusiness
Date: 11-04-2018 Time: 10:04:11:am

HFC is now set to rebrand as Republic Bank on April 24 this year after it secured the necessary regulatory approval.

Managing Director of the Bank, Anthony Jordan disclosed this at a media event in Accra. 

The move is because the Trinidad based Republic Bank took controlling stakes in HFC Bank last year.

Mr Jordan said the rebranding will allow the bank to take on bigger transactions and also offer an opportunity to some cheap credit to customers.

Minimum capital requirement

Mr Jordan told JoyBusiness in January, that he is confident HFC bank will achieve the new minimum capital requirement set by the Bank of Ghana before December 2018.

“We have to do another rights issue of GH₵254 million to get us to the GH₵400 million requirement by December this year. 

We have started that process, and we expect it to be oversubscribed. We will easily raise the GH₵400 million based on the commitment shown by our shareholders,” Mr Jordan said.
 
Prior to this, the bank also put out a rights issue of GH₵50 million in December 2017 which according to the Managing Director was oversubscribed.

HFC bank is among a few commercial banks that have expressed confidence in meeting the new minimum capital requirement before the December deadline

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