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10 May 2014

Republic Bank commends Ghana for good laws, political stability.

Mrs Jacqueline Quamina, Group General Counsel and Corporate Secretary of Republic Bank, has said the bank entered into the Ghanaian market because of its good laws and political stability.
She said Ghana and Trinidad and Tobago in the Caribbean have a lot of heritage in common, hence the extension.

Mrs Quamina was speaking at a media event in Accra on Thursday on the progress of the possible take-over of HFC Bank.
She said the Bank has about 45 per cent market shares in all the markets with 9.1 billion in assets, but with dominance in Trinidad and Tobago, Guyana, and Barbados.

"It was as a result of this that an extension is necessary to the Bank," she added.
Republic Bank has a capital adequacy of over 35 per cent with profit after tax of over 180 million and pays 60 per cent of that in dividends.
On the possible takeover of HFC, the Group General Counsel said, the Security and Exchange Commission and the Bank of Ghana have done due diligence on the Republic Bank, and came to the conclusion that Republic Bank was in a good standing to operate in Ghana.

Mrs. Quamina said the agreement signed with HFC indicated that the tak-eover was to take effect in a year, and not after five years as being alleged.     
She said the share price offered by RBL had been increased from its initial indicative offer of GH¢ 1.30 to GH¢ 1.60 per share.
She said Republic Bank was ready to buy shares of shareholders who would offer their shares for sale.



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