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HFC BANK IS IN A GOOD STANDING AND READY TO SOAR- MD





The Managing Director of HFC Bank, Mr. Robert Le Hunte, has expressed the bank’s readiness to partner Republic Financial Holdings Limited to prevent it from incurring future losses as a result of the lapses the bank was confronted with.

At  a press conference in Accra, the Managing Director said, after two years of losses and GHS 150 million in provision, HFC bank returned to  profitability producing the best first half year results in history of their 27 years of existence.

 Additionally, the bank now boasts of having one of the highest cover ratio; i.e. provision to non-performing loans of over 65%, which provides the bank with protection against future shocks going forward.

Speaking to the media after declaring their results, Mr. Le Hunte attributed the good results to hard work of the staff and the focus of recoveries over the past two years.

Although admitting that the work was far from over, it was also clearly obvious that the bank was now in a better position than two years ago, when Republic Financial Holdings Limited took over control.

During the two year period, to improve service delivery to their customers, over US$ 30 million was spent on upgrading the information communication infrastructure and refurbishment of the branch network. Investment was made in training and developing staff with the assistance of Republic Financial Holdings Ltd.’’ He said

With pride, Mr. Le Hunte also reported that in spite of two consecutive years of losses, the bank was still able to remain active in their communities and actually increased their level of corporate social responsibilities.

 

The MD noted that his biggest achievements over the past two years, was building a culture at HFC that will allow the organization to survive not only in short term but in the long term.

 He emphasized that “HFC Bank became a member of the Republic Financial Holdings Limited in May, 2015 after a successful mandatory takeover. The over one hundred million dollar ( $ 100 million ) investment made by the Republic Financial Holdings Limited in HFC  Bank was recognized for this investment at the prestigious Diaspora African Forum Excellence Awards dinner in July this year.’’

 The Managing Director also mentioned some successes chalked over the years by the Bank, saying “the bank was recognized by the institute of Human Resource Management Program, the bank was adjudged the most telephone efficient bank in the financial institution survey conducted by Walsbridge Market research.

 At the 16th Ghana Banking Awards 2017, HFC Bank also received 2nd Runner-up award in the corporate social responsibility and 1st Runner-up in Trade Finance. He maintained.

 HFC Bank Ghana is a subsidiary of the Republic Financial Holdings Limited, one of the largest and most successful independent commercial banks in the English-speaking Caribbean with 180 years of banking experience.

 Its services include Retail Banking, Commercial Banking, Investment Banking, Mortgage Banking and Micro Finance. HFC Bank has been instrumental in the development of the mortgage industry in Ghana and continues to be the number one home loan provider in the country with over 30% shares of the mortgage industry.
 
 

 By: Kofi Dwumah

 

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