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The Social Security and National Insurance Trust (SSNIT) has categorically denied rumours that it has offloaded its stake in HFC Bank to the Republic Bank in the Caribbean. �We have not taken any decision to that effect�, the Director of Public Affairs, Ms Eva Amegashie, told the Daily Graphic in an interview in Accra adding that SSNIT shares in the bank are still intact. According to her, the attention of the state pension fund manager had been drawn to the rumours making the rounds and wondered where the information emanated from. Asked whether the Trust intended to sell off its shares in HFC Bank any time soon, she said �we have not flagged the bank to offload our shares�, adding that should the appropriate conditions arise for such an action, the Trust would not hesitate to do so just as it had done in some institutions in which it held shares. Over the weekend, news started making the rounds about some ongoing negotiations between the two parties on the sale of the SSNIT shares which were also described to be far advanced. It said persons familiar with the matter were reported to have indicated that the board of HFC Bank met on November 19, 2014, to discuss the development and other matters arising. SSNIT presently holds about 26 per cent stake in the HFC Bank. It is expected that should the sale go ahead, The Republic Bank, which is currently the single largest shareholder of HFC Bank with 40 per cent shares,will now have over 65 per cent shares which will constitute controlling shares. The Republic Bank has for some time now been pushing to own controlling stake in the Ghanaian Bank but the move has not yet materialised because of certain legal issues which are still pending in court. HFC and Republic Bank early this year accused each other of breaching the agreement reached on Republic Bank�s takeover of HFC. Republic Bank earlier denied accusations made by HFC Bank that it did not go through the right legal process in its takeover bid of the bank. Republic Bank also dismissed reports that it failed to go by the deal agreed between it and HFC bank on the takeover. HFC Bank subsequently dragged Republic Bank to court in a case which is still pending. Meanwhile, reports also indicate two members of the board are not likely to have their tenure which ends this year renewed. The Trust had indicated many times that it would not hesitate to offload its stake in any �non-performing� institutions in which it had shares. The move, it said, was necessary to protect the pension funds of workers who contributed to the national pension scheme. The Trust had in the past been accused of investing in institutions that were not financially viable, a move which threatened its long-term sustainability. But to reverse the trend, SSNIT has been forthcoming with its stance and had managed to offload its stake in The Trust Bank to Ecobank Ghana and the latest being the sale of Merchant Bank to Fortiz which has subsequently rebranded the once ailing bank to Universal Merchant Bank (umb).