Where We Came From

HFC Bank (Ghana) Limited (formerly Home Finance Company) was licensed as a mortgage financing institution to implement the IDA/SSNIT Pilot Housing Finance Programme in Ghana. HFC was incorporated on May 7, 1990 under the Ghana Companies Code 1963 (Act 179) as a private limited liability company. We commenced business on December 2, 1991 and was licensed by the Bank of Ghana as a non-bank financial institution on August 1, 1994. On 17th November 2003, we were issued with a universal banking license by the Bank of Ghana, thus, evolving into a fully-fledged universal bank. On May 13, 2015, the Securities and Exchange Commission signed off the results of a Mandatory Tender Offer (MTO) which formally made HFC Bank become a part of the Republic Bank family. Republic Financial Holdings Group is the leading Bank in Caribbean region, headquartered in Trinidad and Tobago with a 180-year old history. HFC Bank (Gh.) is therefore a subsidiary of Republic Bank Limited of Trinidad & Tobago.

Major Milestones

  • Establishment of the First Collective Investment Scheme in Ghana
    HFC is reputed for establishing the first Unit Trust (Collective Investment Scheme) in Ghana in July 1991. In 1993, it incorporated Home Finance Investment Fund Limited (HFIF) renamed HFC Investments Services Limited (HFC-ISL), a wholly owned subsidiary. In 1995, the subsidiary company also successfully promoted the first Real Estate Investment Trust (REIT). To date, HFC Investments manages four funds targeting different sectors of the economy namely HFC Unit Trust, HFC Equity Trust, HFC REIT, HFC Future Plan.
  • Pioneer in Bond Issuance
    In September 1996, HFC introduced the first corporate bonds on the Ghana Stock Exchange by undertaking a shelf registration of USD35 million bonds on the Exchange. Between 1996 and 2007, out of the USD35.0 million Shelf-registered bonds, a total of USD20.65 million bonds have been issued in tranches. The Bank further made an additional GBP1.2 million shelf-registered bonds on the GSE in August 2001. In addition, in the year 2009, HFC issued two (2) tranches of US Dollar Corporate Bonds amounting to US$9.44 million through private placements. These bonds have all been successfully redeemed.
  • Providing Affordable Housing for Public Sector Workers
    In November 2007, HFC was appointed Manager of the Public Sector Employees’ Housing Scheme which was put together by HFC Bank and the Government of Ghana aimed at providing affordable housing for public sector workers. The bank has financed over 350 mortgages under the scheme.
  • Strategic Alliances and Technical Assistance Programmes
    HFC Bank has strategic alliances in neighboring West African countries such as Nigeria, The Gambia, Sierra Leone and Liberia. Through a technical assistance programme, the Bank assisted the National Social Security and Insurance Trust (NASSIT), the National Pension Fund of Sierra Leone to establish a mortgage finance company in Sierra Leone in 2008.

    HFC Bank worked with the Central Bank of The Gambia to establish a mortgage institution in The Gambia in 1995

Our Parent Company

Our Parent Company, Republic Financial Holdings Limited is the largest and most profitable independent Bank in the English-speaking Caribbean, having served the region for over one-eighty (180) years. As at September 30, 2016, the Group’s asset base stood at US$10.1 billion and rated BBB+ by the Standard and Poor.

Republic Financial Holdings Limited (RFHL) is the registered owner of all of the banks in the Republic Group – Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank (Barbados) Limited, Republic Bank (Grenada) Limited, Republic Bank (Suriname) N.V., and HFC Bank (Ghana), as well as Republic Securities Limited and other subsidiaries. Across these markets, RFHL offers an extensive range of banking services, including credit and debit card issuance and processing, leasing, trustee services, mutual fund and investment management, and merchant banking.

As at September 30, 2016, the Group’s asset base stood at US$10.1 billion, and declared a net profit after tax and non-controlling interest of US$142.4 million. The Group currently employs more than 5,590 staff in 16 subsidiaries in Trinidad and Tobago, Grenada, Guyana, the Cayman Islands, Barbados, Ghana, and Suriname.

While the Group continues its journey of financial growth and development, and teamwork with the community to bring about positive change, it is pledged to continually raise the standards of banking locally, regionally, and internationally.

 

Our Shares

Name %
REPUBLIC BANK LIMITED 57.10
SOCIAL SECURITY & NATIONAL INS.TR. 26.09
GHANA UNION ASSURANCE CO. LTD. 10.90
SCBN/STATE INSURANCE COMPANY 3.10
Others 2.81