Some commercial banks have told Citi Business News they are highly optimistic of increased deposits towards the end of year despite the upcoming general elections.
Though the banks admit of a general decline in economic activities, they are confident that will least affect their targets for 2016.
“Of course elections will be with us always and therefore we will put in place such initiatives as long term mechanisms as a bank…I have not seen any drop in business generally as a result of the elections,” the Managing Director of HFC Bank, Robert Le Hunte told Citi Business News.
The general slowdown in economic activities is said to be affecting some sectors of the economy.
For instance in the banking sector, demand for mortgages has seen a drop even at a time that the banks have eased the access to credit by businesses and individuals.
Also, some foreign investors have indicated of reducing their investments particularly in the fourth quarter over uncertainties surrounding the outcome of the general elections.
But Mr. Le Hunte explains that HFC Bank is strategically positioned to withstand any dynamics the election period may come along with.
“There has been some slowdown in the market generally from a loan perspective but there’s nothing that we have catered for. So we will continue to put our business plan in place regardless of elections or not,” he further stressed.
HFC opens new Tema branch
Meanwhile HFC Bank has opened its second branch in Tema in a bid to drive the bank’s expansion drive and attract more investments.
Speaking at the official opening ceremony, Robert Le Hunte maintained that the additional branch will help HFC meet the large industrial and residential banking needs of the community.
According to him, the introduction of some new product offerings early this year coupled with the latest customer feedback system put in place will culminate in a further increase in the deposit base of the bank.
“If you consider the rates in deposits from September last year to the same period this year, you will realize that deposits have increased by 400 million dollars representing 40 percent increase within the period,” Robert Le Hunte observed.
The new Tema Community 25 branch of HFC Bank brings to 42 the number of HFC Bank branches nationwide.
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By: Pius Amihere Eduku/citibusinessnews.com/Ghana