Dubai:
Dubai’s The Abraaj Group on Wednesday said it sold its stake in a Ghana-based lender that operates 27 branches across the West-African country to Republic Bank Limited, which is based in Trinidad and Tobago.
Private equity group Abraaj acquired a stake in HFC Bank in 2010 and invested again in 2012. The bank commenced operations in 1990 and listed on the domestic stock exchange in 1995, Abraaj said. Financial details of the transaction weren’t disclosed.
Republic Bank was founded in 1837 and is mainly active in the Caribbean.
Abraaj on Tuesday said it sold its 50 per cent stake in Turkish insurer Acibadem Sigorta to Malaysian state investment company Khazanah Nasional Bhd.
