HFC Bank to raise over GH₵250 million from shareholders as it races to meet Bank of Ghana’s new minimum capital requirement.

This comes as the central bank recently pegged the minimum capital for banks at GH₵400 million from an initial amount of GH₵120 million. 

Speaking to JoyBusiness, the Managing Director of HFC Bank, Anthony Jordan said he is confident the bank will achieve the new minimum capital requirement before December.

“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 of the bank 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