Republic Bank Ghana has said it is not related to First Republic Bank in the United States of America (USA).
The bank in Ghana, in a statement said: “following the current issues with First Republic Bank in the United States of America, we wish to notify our cherished customers, prospective customers and the general public that Republic Bank (Ghana) PLC has no relations, business or otherwise, with First Republic Bank of the United States of America.
We would like to reiterate that Republic Bank (Ghana) PLC is a subsidiary of Republic Financial Holdings Limited (RFHL) of Trinidad & Tobago, the largest and most profitable independent Bank in the English-speaking Caribbean, having served the region for over 187 years.”
The bank noted that its parent company, Republic Financial Holdings Limited (RFHL), is the registered owner of all of the banks in the Republic Bank Group which include Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank (Barbados) Limited, Republic Bank (Grenada) Limited, Republic Bank (Suriname) N. V., Republic Bank (Ghana) Plc., Republic Bank (BVI) Limited, Republic Bank (Cayman) Limited), Cayman National Corporation, Republic Bank (EC) Limited and other subsidiaries.
“In keeping with international best practice, this holding company was formed to offer increased operational efficiencies and optimum management of the Republic Group, ultimately leading to greater value for our shareholders and clients while enabling greater strategic focus and diversification,” the statement added.
The bank noted that as of September 30, 2022, the consolidated assets of Republic Financial Holdings stood at US$16.95 billion, and first-quarter profits, after tax, stood at US$60.74 million, noted that the holding company is listed on the Trinidad and Tobago Stock Exchange.
“Republic Bank (Ghana) Plc is a strong and leading Universal Banking institution in Ghana and arguably the most diversified financial institution with thirty (38) branches nationwide. As a one-stop financial institution, the Bank’s services include Corporate, Commercial and Retail Banking; Investment Banking; Trustee Services; Mortgage Banking, VISA Credit and Debit Cards and Microfinance.
Republic Bank Ghana is the first to introduce VISA Business Credit Card to the Ghanaian market and was recently honoured by Network International for Outstanding Contributions to Credit Card Products in Ghana. Republic Bank remains a solid, safe and secure bank, and it is not related to the First Republic Bank of the United States of America.”