The Abraaj Group exits investment in leading Ghanaian bank, HFC Bank - Business Intelligence Middle East - bi-me.com - News, analysis, reports:
"The Abraaj Group, a leading investor operating in growth markets, today announced the successful exit of its investment in Ghana based HFC Bank (Ghana) Limited (HFC). The Group sold its stake in HFC to Republic Bank Limited (RepBank), an independent Caribbean bank.
The Abraaj Group, through one of its Funds, acquired its initial stake in HFC in 2010 and made an additional investment in 2012. During Abraaj’s investment, HFC has become one of the leading domestic banks in Ghana and remained strongly capitalised, allowing it to increase its branch network. HFC currently has 27 branches across Ghana, and is working to open additional branches as it expands its reach.
With The Abraaj Group’s support, lending to businesses and consumers and deposits has grown significantly, with loans and advances to customers increasing over 100 per cent from GHS160 million to GHS330 million, and deposits from customers growing over 150 per cent from GHS123 million to GHS312 million."
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