Republic Bank to acquire HFC

XYZ BUSINESScan confirm that Republic Bank of Trinidad and Tobago has written to the Securities and Exchange Commission to fully take over HFC Bank.
The Caribbean bank is now the largest shareholder of HFC bank with 32.02 percent stake.
This comes after acquiring more than 68 million shares from the Aureos Africa Fund at 56 pesewas per share last Friday.
XYZ BUSINESS has also gathered that Republic Bank will make a mandatory offer to all shareholders of HFC under the Code on Takeovers and Mergers, subject to Bank of Ghana’s approval.
This is in the event that a waiver is not granted by the SEC.
XYZ BUSINESS can also confirm that the auditors of Republic Bank have confirmed it has sufficient resources to satisfy a full acceptance of a mandatory offer to all the other shareholders.
In December last year, Republic Bank acquired 8.79 percent stake in HFC Bank.
It started business in Trinidad and Tobago in 1837 and later became Barclays Bank Trinidad and Tobago Limited and eventually Republic Bank Limited.

 

Source: Ghana [radioxyzonline.com]