REPUBLIC BANK RESPONDS TO COMMENTS ABOUT INTEREST IN FAILED

BANKS

Republic Financial Holdings Limited and its subsidiary Republic Bank (Ghana) Limited
have become aware of a Joy Business article from August 2019 attributed to a former
Deputy Governor of the Bank of Ghana, which continues to be shared in the public
domain concerning our purported interest in acquiring five (5) troubled banks several
years ago. The information contained in the reference article is both inaccurate and
misleading.

While Republic Bank has publicly stated its desire to grow its share of the Ghanaian
market and ultimately expand into the Sub-Saharan region, it had at no time committed
to buying any of the banks mentioned in the article.

As a publicly listed company, we are concerned about the possible negative implications
of inaccurate information being circulated. Republic Bank is committed to upholding the
laws of the country and the regulations implemented by Ghana’s regulatory authorities
– the Bank of Ghana and the Securities and Exchange Commission, and should the
opportunity arise for any acquisition or expansion in the future this will be done in
conformity with such laws and regulations.

Since acquiring a majority shareholding in HFC Bank (Ghana) Limited in 2015, now
rebranded Republic Bank (Ghana) Limited, the Bank and its parent company, Republic
Financial Holdings Limited have demonstrated their willingness to growing Ghana’s
economy and assist in revolutionising its banking sector to benefit the people of Ghana
as well as other stakeholders.