Republic Bank has been given the nod to go ahead with the process of taking over HFC bank.

This follows a ruling by the Supreme Court, presided over by five justices and led by Justice Atuguba. The Supreme Court also quashed an earlier ruling by a high court which sought to freeze the process.

On 23rd May 2014, HFC bank sued the Republic Bank and the Securities and Exchange Commission (SEC) for what it described as breaches of the SEC Code on Takeovers & Mergers.

HFC Bank had also applied for an interim injunction against Republic Bank and the SEC.

Republic Bank, in a countermove, also filed a suit praying the court to dismiss the application and allow SEC to take over the matter.