ANNUAL REPORT Together Towards New Horizons

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ANNUAL REPORT Together Towards New Horizons 2017 ANNUAL REPORT Together Towards New Horizons HFC BANK (GHANA) LIMITED AND ITS SUBSIDIARIES ANNUAL FINANCIAL STATEMENTS 31 DECEMBER 2017 HFC BANK (GHANA) LIMITED AND ITS SUBSIDIARIES VISION The Ghanaian Financial Institution of choice for our Staff, Customers and Shareholders. We set the standards of excellence in: Ø Customer Satisfaction Ø Employee Engagement Ø Social Responsibility Ø Shareholder Value Ø While building successful communities MISSION To create wealth and a better life for our stakeholders CORE VALUES Ø Integrity Ø Professionalism Ø Respect for the Individual Ø Customer Focus Ø Results Orientation ANNUAL FINANCIAL STATEMENTS 2017 02 HFC BANK (GHANA) LIMITED AND ITS SUBSIDIARIES TABLE OF CONTENTS 04 NOTICE OF MEETING 06 CORPORATE INFORMATION 08 BOARD OF DIRECTORS 14 REPORT OF THE DIRECTORS 23 CORPORATE GOVERNANCE & SOCIAL RESPONSIBILITY 27 INDEPENDENT AUDITORS’ REPORT 32 STATEMENT OF COMPREHENSIVE INCOME 33 STATEMENT OF FINANCIAL POSITION 34 STATEMENT OF CHANGES IN EQUITY 36 STATEMENT OF CASH FLOWS 37 NOTES TO THE FINANCIAL STATEMENTS 03 ANNUAL FINANCIAL STATEMENTS 2017 HFC BANK (GHANA) LIMITED AND ITS SUBSIDIARIES NOTICE OF MEETING NOTICE IS HEREBY GIVEN THAT the 27th Annual General Meeting of HFC Bank (Ghana) Limited (the “Company”) will be held at Accra City Hotel, Barnes Road, Accra at Eleven O’clock in the forenoon (11.00 am) on Thursday 26th April 2018 to transact the following business: AGENDA ORDINARY BUSINESS 1. To receive and adopt the Annual Report and Audited Financial Statements of the Company (and its Subsidiaries) for 2017 together with the Directors’ and Auditors’ Reports thereon. 2. To ratify / elect / re-elect Directors. 3. To authorize the Directors to raise capital under a Rights Issue. 4. To appoint KPMG as Auditors. 5. To authorize Directors to fix the remuneration of the Auditors for the year 2018. SPECIAL BUSINESS 6. To amend the Company’s Regulations by Special Resolution in the following manner:- That Regulation 55 be deleted in its entirety and replaced with the following as a new Regulation 55:- Meetings shall be conducted in accordance with sections 166 to 173 of the Code. On a poll being validly demanded the Chairman of the meeting shall direct such poll in accordance with Section 170 of the Code; NOTE: A Member who is unable to attend a General Meeting is entitled to appoint a proxy to attend and vote on his/her behalf. A proxy need not also be a member. A proxy form is attached herewith to enable you exercise your vote if you cannot attend. The form should be completed and deposited at the Company’s Registered Office at Ebankese, No. 35 6th Avenue, North Ridge, Accra, aforesaid or via email to [email protected] at any time prior to the commencement of the meeting in accordance with the Company’s Regulations. All relevant documents in connection with the meeting are available to shareholders from the date of this notice on the Company’s website (www.hfcbank.com.gh) and at the Company’s Registered Office aforesaid. Dated this 8th day of March 2018 COMPANY SECRETARY BY ORDER OF THE BOARD ANNUAL FINANCIAL STATEMENTS 2017 04 HFC BANK (GHANA) LIMITED AND ITS SUBSIDIARIES CORPORATE INFORMATION 05 ANNUAL FINANCIAL STATEMENTS 2017 HFC BANK (GHANA) LIMITED AND ITS SUBSIDIARIES CORPORATE INFORMATION Directors Charles William Zwennes Chairman Joshua Alabi Chairman (Retired April 2017) Anthony Jordan Managing Director (Appointed December 2017) Robert Le Hunte Managing Director (Retired August 2017) Nigel Mark Baptiste Member David Dulal-Whiteway Member Rebecca Atswei Lomo (Ms.) Member (Retired July 2017) Paul King Aryene Member Ebenezer Tetteh Tagoe Member Michael Addotey Addo Member (Appointed May 2017) Secretary Beatrix Ama Amoah (Mrs.) Ebankese No.35 Sixth Avenue North Ridge, Accra P. O. Box CT 4603 Cantonments, Accra Registered Office Ebankese No.35 Sixth Avenue North Ridge, Accra P. O. Box CT 4603 Cantonments, Accra Auditors Ernst and Young Chartered Accountants G15. White Avenue Airport Residential Area P. O. Box 16009 Airport, Accra Registrars Universal Merchant Bank Kwame Nkrumah Avenue Sethi Plaza, Accra Holding Company Republic Financial Holdings Limited 9-17 Park Street Port of Spain Trinidad & Tobago ANNUAL FINANCIAL STATEMENTS 2017 06 HFC BANK (GHANA) LIMITED AND ITS SUBSIDIARIES BOARD OF DIRECTORS 07 ANNUAL FINANCIAL STATEMENTS 2017 HFC BANK (GHANA) LIMITED AND ITS SUBSIDIARIES MR. CHARLES WILLIAM ZWENNES (BOARD CHAIRMAN Mr. Charles William Zwennes is Documenting Oil and Gas Transac- a Barrister-at-Law of England & tions from the Centre for Energy Wales and a Barrister & Solicitor of & Mineral Policy Law (CEMPL), Uni- the Superior Courts of Ghana. versity of Dundee, Scotland. He is currently a partner at Gaise Mr. Zwennes is a member of the Zwennes Hughes & Co, Private American Society of International Practitioners. Prior to joining Law (ASIL), Institute of Advanced Gaise Zwennes Hughes & Co, he Legal Studies (IALS), Chartered worked at the Chambers of Chris- Institute of Arbitrators, Common- tian Bevington QC, London and wealth Law Bulletin, Honoura- Messrs. Arnold Fooks Chadwick, ble Society of Gray’s Inn and the Solicitors, London. Ghana Bar Association. Mr. Zwennes holds an LLB from Mr. Zwennes was appointed the University of Kent, UK and an Chairman of the HFC Bank Board LLM in Corporate & Commercial in April 2017. Law from the University of Lon- don, UK. He also holds a Certificate in Structuring, Negotiating and Zwennes MR. ANTHONY JORDAN (MANAGING DIRECTOR) Mr. Anthony Jordan was appointed the Managing Director of the Bank in December 2017. Prior to this appointment, he was the General Manager, Risk Management at HFC Bank (Ghana) Ltd. Mr. Jordan is an experienced and highly respected corporate and commercial banker with 34 years’ service in the banking industry in Trinidad & Tobago and in Ghana. Mr. Jordan holds an EMBA and a BSc in Management from the University of the West Indies and is a member of the Chartered Institute of Bankers (UK). Jordan ANNUAL FINANCIAL STATEMENTS 2017 08 HFC BANK (GHANA) LIMITED AND ITS SUBSIDIARIES MR. DAVID DULAL-WHITEWAY Mr. Dulal-Whiteway is the CEO of Mr. Dulal-Whiteway is a seasoned the University of the West Indies banker with over 25 years’ (UWI), Arthur Lok Jack Global School experience in banking. He holds of Business, Trinidad & Tobago. a BSc in Management Studies He was Managing Director of from the University of the West the Republic Bank Group until Indies (UWI) and an MBA from February 2016, a Director on the University of Western Ontario, several Boards of the Republic Canada. Mr. Dulal-Whiteway Bank Group and Chairman of The was appointed to the Board in Foundation for the Enhancement April 2013 as a representative of and Enrichment of Life (FEEL), a Republic Bank. non-profit organisation. Dulal-Whiteway MR. NIGEL MARK BAPTISTE Mr. Nigel Mark Baptiste, a Banker Bank in Barbados where he was for the past 25 years, holds the employed as a Country Economist. position of President and Chief Prior to assuming his current Executive Officer of Republic position of Managing Director, Financial Holdings Limited and he held the positions of Deputy Managing Director of Republic Managing Director, Executive Bank Limited, Trinidad & Tobago. Director, Managing Director of the Group’s subsidiary in Guyana Mr. Baptiste holds a BSc and MSc and General Manager, Human in Economics from the University Resources. of the West Indies and is a graduate of the Harvard Business Mr. Baptiste serves on the Boards School’s Advanced Management of Republic Financial Holdings Programme. He also holds a Limited, Republic Bank Limited Diploma with distinction from the (Trinidad and Tobago), Republic ABA Stonier Graduate School of Bank (Guyana) Limited and other Banking (USA) and is a member of entities within the Republic Group. the Chartered Institute of Bankers Mr. Baptiste was appointed to the (England). Board in September 2016 as a representative of Republic Bank. Mr. Baptiste joined Republic Bank in 1991, after spending two years at the Caribbean Development Baptiste 09 ANNUAL FINANCIAL STATEMENTS 2017 HFC BANK (GHANA) LIMITED AND ITS SUBSIDIARIES MR. PAUL KING ARYENE Mr. Paul King Aryene served of Nairobi and a Diploma in as the Ambassador to the Investment Analysis from the Federal Republic of Germany Research Institute of Investment with concurrent accreditation to Analyses, Malaysia. Estonia, Latvia and Lithuania. He is a diplomat of high repute and has He was appointed to the Board of served in various positions at both HFC Bank in April 2015. the Ministry of Foreign Affairs and Overseas Missions. Mr. Aryene holds a Degree from Aryene the University of Ghana, Diploma in Diplomacy from the University MR. EBENEZER TETTEH TAGOE Mr. Ebenezer Tetteh Tagoe was United Nations World Food Pro- the Board Chairman of the State gramme, Peat Marwick Mitchell Enterprises Audit Corporation (a (London) and Mobil Oil Ghana Ltd. corporation established to audit state organizations) until January Mr. Tagoe holds a BSc. Adminis- 2017. tration (Accounting) from the Uni- versity of Ghana. He is a Fellow (of He is a Board Member of Adisadel the) Chartered Association of Cer- College and Council Member of tified Accountants (FCCA). Accra Ridge Church. He was appointed to the HFC Mr. Tagoe has immense experi- Bank Board in April 2015. ence in Accounting and Adminis- tration and has served at various management positions with the Tagoe ANNUAL FINANCIAL STATEMENTS 2017 10 HFC BANK (GHANA) LIMITED AND ITS SUBSIDIARIES MR. MICHAEL ADDOTEY ADDO Mr. Michael Addotey Addo is Starwin Products Limited, Ghana currently the Deputy Director International Bank (London), First General responsible for Atlantic Bank and Prudential Bank. Administration & Finance at the Social Security and National Mr. Addo holds an MBA Finance Insurance Trust (SSNIT). from the Johnson Graduate School of Management, Cornell He was until recently the Executive University; an MSAT (Insurance) Director at Emex Oil Ndawta from Barney School of Business, Limited (Ghana & Nigeria).
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