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How acquisition takes Heritage Bank from regional to a national lender


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Nigeria

IMAGE: Ifie Sekibo, managing director of Heritage Bank, »

October.29.2014

After investing N56 billion to acquire Enterprise Bank Limited, Heritage Bank Company Limited has automatically become a national bank that has as its mantra, transfer of wealth, wealth creation and innovation, among others.

Ifie Sekibo, managing director of Heritage Bank, confirmed the status of the bank shortly after he was conferred with honorary senior member award by the Chartered Institute of Bankers of Nigeria (CIBN), recently in Lagos.

Heritage Bank in October 15, 2014, made history with the successful completion of the acquisition of Enterprise Bank.

After consolidation, Heritage Bank, which currently has 15 experience centres, is expected to increase its presence to about 200 branches boosted by about 165 branches of the acquired bank.

“With the acquisition of Enterprise Bank, we are sure we are going to get much bigger organisation that will have the same ethos as Heritage Bank as it stands today, where innovation, transfer of wealth, creation of wealth is our mantra, and that is what is going to happen, which means there is going to be a lot of training; which also is why the institute is very important for us that we have to have this training as one family and not two organisations. We look at much more stronger bigger organisation that will come out of this merger. It is a national bank,” Sekibo said.

Barely 18 months ago, the bank commenced operations with the resolve to make a difference within the financial industry and society.

“Today, as a bank constantly in search of excellence, the recent acquisition of Enterprise Bank by our vehicle, HISL, is a source of great pleasure – one that we are delighted to share with you. The way we see it, this combination is one that will produce a force to be reckoned with and a paradigm shift in the industry,” according to the bank.

The bank has seen Enterprise Bank as one of the potential giants in Nigeria’s banking landscape. With a truly vast branch network, innovative and professional staff, solid assets and large customer base, Enterprise Bank is easily one of the preferred banks for value creation wherever you might be in the country.

Hence, Heritage Bank’s excitement about the partnership process, which will seamlessly birth an entity that would be the optimum of excellence and innovation.

Responding to the relevance of the CIBN award to the bank, Sekibo said: “It will help us to be clear in our focus because this institute is the kind that helps the industry to set standard and educate us and set code of conduct that we need to deal with. So, this will give awareness within our own institution and also it will enable us run our programmes in line with the institute, so it will help me.”

In the same vein, Skye Bank plc has signed an agreement for the purchase of 100 percent shares of Mainstreet Bank from the Asset Management Corporation of Nigeria (AMCON).

Skye Bank had paid the mandatory deposit of 20 percent for the acquisition of the target bank. The payment, which was made well ahead of the deadline, confirms Skye Bank’s commitment and ability to consummate the transaction.

Article Credit: Businessdayonline

Updated 2 Years ago
 

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Tags:     Enterprise Bank Limited     Heritage Bank Company Limited     Ifie Sekibo     Skye Bank plc

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