The management of the Republic Bank Ghana says the firm has no relations with the First Republic Bank of the United States of America.
The most imperiled bank on Wall Street, First Republic, slid closer to the precipice on Monday as its shares fell 47%, down nearly 90% since its close on 8 March, the day Silicon Valley Bank’s woes incited a financial panic.
Until recently, the bank, based in San Francisco, boasted $176 billion in deposits and an enviable list of wealthy clientele.
“Following the current issues with First Republic Bank in the United States of America, we wish to notify our Cherished Customers, Prospective Customers and the General Public that Republic Bank (Ghana) PLC has no relations, business or otherwise, with First Republic Bank of the United States of America,” Republic Bank Ghana said in a statement.
“We would like to reiterate that Republic Bank (Ghana) PLC is a subsidiary of Republic Financial Holdings Limited (RFHL) of Trinidad & Tobago, the largest and most profitable independent Bank in the English-speaking Caribbean, having served the region for over 187 years,” the statement added.
Read full statement below:
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