HFC bank MD part ways with the bank

HFC bank MD part ways with the bank


Citi Business News has learnt the Managing Director of HFC Bank Asare Akuffo will part ways with the bank on the 24th of April, 2015.

This is a day after the much anticipated Annual General Meeting (AGM) of the bank which has been scheduled for the 23rd of April, 2015.

Sources familiar with the matter say Asare Akuffo whose contract ends as on the 30th of June,2015 and also due for retirement has requested to leave before that date to take up his accumulated holidays.

Citi Business News has learnt the bank’s board will meet on the 22nd of April on the matter and other issues arising.

History at the bank

Mr Asare Akuffo, a shareholder of the HFC bank has been MD of the bank for close to ten years.

He joined HFC bank in 1990 having worked as an investment manager at the Social Security and National Insurance Trust (SSNIT).

He was appointed Finance Director in 1995 and later the Deputy Managing Director in 2003 when HFC converted to a bank.

In 2005 he was made the Managing Director of HFC Bank Ghana Limited.

The Republic bank factor

Asare Akuffo a recognized figure in the banking industry gained a lot of attention last year following the acquisition of majority shares of HFC bank by Republic bank of Trinidad and Tobago.

He hurled Republic bank to court over accusations that Republic bank had breached the Securities and Exchange Commissions’ (SEC) code on mergers and takeovers during its acquisition of shares in HFC bank.

Though the case was dismissed by the court the two have been embroiled in a boardroom battle over the acquisition for months.

Asare Akuffo leaves at a time where shareholders will have to decide whether or not to give Republic bank at least 51 percent control of the bank after its mandatory takeover offer was approved by SEC inline with its rules on takeovers and mergers.


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