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Business News of Friday, 28 November 2003

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HFC Commences Universal Banking

The Home Finance Company Ltd (HFC) has opened its doors for the commencement of fully-fledged universal banking services.

Known as HFC Bank (Ghana) Limited, the opening of the banking operations was the culmination of a series of lengthy negotiations and discussions with the Bank of Ghana.

The granting of the universal banking licence will enable the company to diversify into a broad range of financial services which range from personal, business and corporate banking to retail and wholesale banking. It will also allow the company to follow other nations in embracing and fully reaping the benefits of globalised financial markets.

HFC has provided long-term mortgage financing over the years and is now poised to include short-term and medium-term financing to meet the needs of its small and medium clients as well as high networth individuals.

To ensure this, the company has entered into a technical agreement with Union Bank of Nigeria plc, a foremost banking group in Nigeria, for the input of its expertise.

In an emerging economy such as Ghana, it is imperative for organisations to seek to widen the scope of their respective business operations as a means of counteracting any downturn in the company’s fortunes.

HFC Investment Services Limited, the wholly subsidiary of HFC Bank (Ghana) Ltd, is the first of many, as there are extensive plans to set up other branches in Accra and other parts of the country as soon as feasible.

The expansion programme of the bank will be selective and within the constraints of existing guidelines, and will occur in areas where synergy with existing operations can be realised.

The new bank will, therefore, remain committed to the primary principle of excellent customer service delivery and a culture of commitment to excellence.