HFC Bank has opened a new branch at Adabraka in Accra, bringing the number of branches of the bank to 21.

The bank, which is among the top 10 banks in the country, outlined a new five-year strategic plan last year to chart a new course for its operations till 2014.

Charles Martinson, General Manager of Operations at the bank, said the branch is strategic to its core business because it would help them to get closer to customers and increase delivery channels.

“The branch expansion agenda of the bank is to ensure a national representation in all viable sectors of the economy to take advantage of internal money transfer, among others,” he added.

Adabraka is located in the central business district of Accra and most market watchers believe that the sighting of the branch in the area would help it to mobilize more deposits, but it would have to compete vigorously with other financial intermediaries in the area.  

Importantly, the bank also has plans to launch its operations in other countries in West Africa to establish strategic partnership in Nigeria, The Gambia and Sierra Leone.

 “Partnership is very important in banking, hence any serious bank must go to other countries,” he said.

HFC achieved an overwhelming 192 percent in earnings for 2008 in mortgage and investment services .

It invigorated fresh capital and higher targets for the ensuing years.

It is expected that the bank would rope in more profits in 2009 despite a difficult year globally.

Asare Akuffo, Managing Director of the bank, said his outfit would enhance its automation process after streamlining its operations and integrating it into the national switch system of the Ghana Interbank Payments and Settlement Systems, stressing that it would pursue cost reduction strategies to shore up its profits.

By Charles Nixon Yeboah