The Abraaj Group announced Wednesday that it has successfully closed a deal with Carribbean-based Republic Bank Limited for the sale of its stake in HFC Bank. Financial aspects of the deal remained undisclosed.

The Abraaj Group purchased its initial stake in the Ghana-based bank in 2010 through one of its funds and made a second one in 2012. In the period of Abraaj Group's investment, HFC Bank had risen through the ranks to become one of Ghana's top domestic banks and remained strongly backed, helping it expand to its current 27 branches across Ghana.

"Our investment in HFC was well timed as we capitalized on the rapid growth in the banking sector in Ghana," remarked Abraaj Group partner Jacob Kholi regarding the exit. "With the support of the other stakeholders, the Bank executed a successful strategy which has attracted a lot of strategic interest. This created the opportunity for our successful exit. We believe that the new partnership being forged with RepBank will propel HFC to the next level of its growth."

HFC Bank was established in 1990 and was listed on the Ghana Stock Exchange five years later. It first existed as an independent mortgage finance company until its expansion into universal banking in 2003 where it offered a broader portfolio of financial services.