HFC Bank has successfully rebranded to Republic Bank to align it with its parent company, Republic Financial Holdings Limited of Trinidad and Tobago.
Started in 1991 as a pilot housing financing programme by SSNIT, HFC Bank after close to three decades of its existence moved from a non-bank financial institution to a Universal Bank licensed by the Bank of Ghana (BOG), providing its customers with a wide range of products and services from Mortgages, Retail, Corporate and Commercial Banking, Investment, Custody Services, Brokerage among others.
In 2003 the pilot housing financing programme became a Universal Bank with the Trade Name HFC Bank Ghana Limited. In 2012, Republic Financial Holdings took 8.8% shares in HFC Bank following a private placement to raise GH¢50 million. In 2015, HFC Bank became a subsidiary of Republic Financial Holdings Limited after the Mandatory Takeover sanctioned by the Ghana Stock Exchange.
Speaking at an event on Tuesday 24th April, 2018 at the Kempinski Hotel, to officially announce the rebranded entity, the Managing Director of the Bank, Anthony Jordan said the new identity, Republic Bank, reflects the Bank’s capabilities, innovation, energy and new found aggression.
He added: “We aim to be a key player in the Corporate Banking sector and the preferred family bank in the retail circle. Republic Financial Holdings Limited has one of the best product and service offerings in the world so part of our rebranding mandate is to enhance our product offering and introduce some of the features and benefits currently being enjoyed by customers in other Republic Bank territories, in Ghana”.
Mr. Jordan also re-affirmed the bank’s commitment to making customer service the central focus of the Bank, saying: “One of our primary focus as a Bank is Customer Service and we intend to strengthen our relationship and partnership with our customers through a cogent analysis of their needs and ensuring we provide a range of quality products and services to meet these needs as well as have a robust and well trained body of staff at the ready, to meet these needs.”
Touching on the new hiked minimum capital requirement, he said “I wish to assure all stakeholders that Republic Bank Ghana Ltd has put all the necessary plans in place through a further Rights Issue to meet the new Bank of Ghana Minimum Capital Requirement of GH¢400 million for Commercial Banks.”
On his part, Nigel Baptiste, President of Republic Bank Financial Holding Limited said the rebranding is the culmination of a transition that started more than four years ago when HFC Bank became part of the Republic Bank Financial Holdings Limited (RFHL) Group.
He said backed by a Group asset base of US$10.1 billion, and a declared net profit after tax and non-controlling interest of US$142.4 million, “Brand Republic brings to bear the Power of One serving Many.”
“We bring to bear the expertise, profitability, and diversity celebrated across 16 subsidiaries, under one Blue Sky, in Trinidad and Tobago, Grenada, Guyana, the Cayman Islands, Cuba, Barbados, Suriname, and of course, right here, in Ghana,” he added.