One of Ghana’s indigenous banks that is doing so well is about to lose its majority shares to the Republic Bank of Trinidad and Tobago, but the transition has turned ‘bloody,’ literally.
How this story is turning out is a bit strange because HFC Bank literally went out there to invite Republic Bank of Trinidad and Tobago to be a key partner in the business.
The relationship started just like when two lovers find each other and want to quickly marry and consummate. But even before the marriage is blessed, there is already suspicion, seeming betrayal of love and trust. Hatred is literally oozing out from their veins. It is a sad end to a relationship that blossomed beautifully.
The media is also feeding on like vultures on a carcass.
According to some banking analysts and industry players I have spoken to, the two are likely to destroy this beautiful bank and have more work to do reviving it by the time they are done fighting.
Shareholders and investors are worried. We are not sure yet how the stock market will react later.
But one thing is certain about money, it does not like uncertainties.
My colleague at Citi FM, Rabiu Alhassan, has been following the saga closely and explains what this all means in the video below.
By: Nana Boakye-Yiadom/citifmonline.com/Ghana