HFC bank board chairman resigns

The board chairman of HFC Bank Nana Adjei Duku has resigned. Nana Adjei Duku has been the board chairman for the bank since 2003. He took over that position from the late S.K Botchway who was a former deputy governor of the bank of Ghana.Managing Director of HFC bank Asare Akuffo who confirmed the news to Citi Business News said ‘yes Mr Duku has resigned. He had wanted to resign earlier on but was convinced to stay on for a year and half.’ According to him Mr Duku informed the bank that he wanted to leave but was convinced by Republic bank, who are now majority shareholders of HFC to stay on for a while. Citi Business News has learnt a new board chairman will be appointed in two weeks after a board meeting is convened. Mr Duku who is also the MD for the Ghana Union Assurance (GUA) is also a shareholder of HFC bank

As at 31st December, 2010 he owned 67,500 shares in HFC, which meant he owned 0.04 percent of the bank. His company, the Ghana Union Assurance Co. Ltd is also a major shareholder of the bank as at 31st December, 2010, GUA owned 22,562,728 shares, representing 12.34 percent stake in the bank. There are reports he sold his shares to Republic Bank after his exit. But Citi Business News has gathered the reports are untrue. According to MD of the bank Asare Akuffo ‘those reports are untrue’. Nana Duku is an experienced insurance executive. He also serves as a director of UG-HFC Ltd. He is a director of Mainstream Insurance Company Ltd and Nkosuohene of Ashanti Mampong Traditional Area. He was appointed to the Board on February 24, 1993.- Citifmonline

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