Republic bank dismisses retrenchment reports

HFC Bank has denied any plans to soon embark on a massive retrenchment exercise.

[contextly_sidebar id=”Tg4rt9ArFo0remYP3j7nYIGhN54uGhzt”]According to the bank it will not undertake any rationalization exercise but rather will invest in building the capacity of staff.

There are reports that the bank will lay off staff of HFC bank especially staff members who were linked with the former Managing Director of the bank Asare Akuffo.

But speaking to Citi Business News Managing Director of HFC Bank Robert Le Hunte said Republic bank will rather invest in enhancing the skill set of the bank to meet modern trends of banking.

“I mean we made the commitment and as you should know the Republic Bank as their style whatever we see is what it is. So if I said to you that there is going to be no staff retrenchment then there is not going to be any staff retrenchment and we have made that commitment to the staff.”

Robert Le Hunte said that Republic Bank had invested some 75 million dollars into the bank.

According to him as part of efforts to grow the bank they will focus on skill set development and building their capacities to meet modern trends of banking in the world.

“We intend to grow the bank by working with the staff that we presently have and that is our commitment and that continues to be our commitment so hence our emphasis on all of us is growing the bank.”

Meanwhile the bank has announced it will now move heavily into retail banking in Ghana as a new direction to take advantage of the huge unbanked population.

Citi Business News has gathered this new direction comes after management accessed the bank’s chances of climbing to be part of the top three banks in the country making sure that the new direction will not affect the huge mortgage financing portfolio bank.

“ Coming out of the our executive meeting over the weekend we identified the retail banking sector as a low hanging fruit and widening the range of products that HFC provides to that market segment and also the whole idea of customer service as well which, should help rope in the unbanked.”

Currently Republic Bank of Trinidad and Tobago holds a little above 57 percent in HFC Bank.
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By: Norvan Acquah – Hayfordcitifmonline.com/Ghana