Dubai-based Abraaj sells stake in Ghana’s HFC Bank
The Group sold the stake to the Republic Bank of Trinidad and Tobago who in December 2012 purchased 8.9% shares in HFC Bank for an amount of $8 million.
“The Group sold its stake in HFC to Republic Bank Limited,” Abraaj said in a statement without giving details of the transaction.
The Abraaj Group, through one of its Funds, acquired an initial stake in HFC in 2010 and made an additional investment in 2012.
“Our investment in HFC was well timed as we capitalized on the rapid growth in the banking sector in Ghana. With the support of the other stakeholders, the Bank executed a successful strategy which has attracted a lot of strategic interest. This created the opportunity for our successful exit. We believe that the new partnership being forged with RepBank will propel HFC to the next level of its growth,” Jacob Kholi, Partner, The Abraaj Group, commented on the deal.
HFC Bank was formed in 1990, listing on the Ghana Stock Exchange in 1995.
By Ekow Quandzie