Business News of Monday, 3 December 2012

Source: myjoyonline

Trinidadian bank takes up 10% stake in HFC bank

The biggest financial institution in the Caribbean, Republic Bank has acquired nearly 10 percent stake in HFC bank.

The Trinidad based bank took up the interest, after HFC embarked on a private placement to raise some 50 million Ghana cedis to recapitalize.

JOY-BUSINESS gathers that Republic was recently working to take over one of the local banks, but this appears not to have been sucessful.

Republic has total assets of 7 billion dollars and some strong expertise in oil and gas finance.

Meanwhile, HFC has now met Bank of Ghana’s 60 million minimum capital requirement after raising 50 million cedis through private placement which has increased its stated capital to 95 million Ghana cedis.

Only one indigenous bank is so far yet to meet the capital requirement.