{"id":18165,"date":"2014-05-13T08:58:40","date_gmt":"2014-05-13T08:58:40","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=18165"},"modified":"2014-05-13T08:58:40","modified_gmt":"2014-05-13T08:58:40","slug":"republic-bank-betrayed-us-hfc-bank","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/05\/republic-bank-betrayed-us-hfc-bank\/","title":{"rendered":"Republic bank betrayed us -HFC bank"},"content":{"rendered":"
It appears rising tension between HFC bank and its single largest shareholder Republic bank over the takeover of the bank is not likely to simmer down any time soon.<\/p>\n
HFC bank in its recent reaction to the takeover has accused Republic bank of going contrary to the deal agreed by both parties on the takeover bid and also not going through the right process.<\/p>\n
HFC bank has sworn to take appropriate steps to ensure that Republic bank complies with the applicable legal and regulatory requirements under Ghanaian law.<\/p>\n
According to HFC bank the process adopted by Republic bank in its takeover bid of the bank is against the collaborative theme agreed between the two parties.<\/p>\n
In a press statement from HFC bank signed by the bank\u2019s company secretary it stated that after receipt of conditional letters from the Bank of Ghana (BoG) Republic bank and its agents were written to hold onto any planned action whilst a clarification of the conditions and the process was sought to ensure that the appropriate process was adhered to particularly as Republic bank itself had concerns with the communiqu\u00e9 from the central bank.<\/p>\n
But the Group General Counsel and Corporate Secretary of Republic bank Jacqueline Quamina in an earlier interview with Citi Business News<\/b> denied the accusations.<\/p>\n