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HFC Capital Partners Limited, a wholly-owned private equity management subsidiary of HFC Bank Ghana, has voluntarily ceased operations, management of Republic Bank Limited has announced.
The company was set up to manage specific assets of the bank, but in 2016, HFC Bank Ghana, its parent company at the time, made a decision to restructure its business operations and focus on its core banking mandate.
It was in this regard that the bank initiated the process of winding up HFC Capital Partners Limited in accordance with the Securities Industry Law (Act 929, 2016).
The Securities and Exchange Commission (SEC) was duly notified on 5th February, 2016.
A release issued by Republic Bank, which made these known, said all necessary legal processes involved are being followed, including the public notice (Notice No Sec/PS/001/01/2019) issued by the Securities and Exchange Commission.
It averred: “The cessation of the operations of HFC Capital Partners Limited, in no way, affects the ongoing operations of the Republic Bank Ghana Group.
“We wish to assure all stakeholders, including customers and the general public that the Republic Bank Ghana Group, which includes Republic Investments (Ghana) Limited, Republic Securities Ghana Limited and Republic Boafo Limited, having met the minimum capital requirement, remains a strong and stable financial group.”