Following the recent successful signing of the Share Purchase Agreement between Heritage Bank and the Asset Management Corporation of Nigeria (AMCON) in fulfillment of one of the requirements for the takeover of Enterprise Bank, the Heritage Bank management has restated its readiness to fulfill all conditions necessary to see the deal through.
Speaking during a media briefing in Lagos today, MD/CEO, Heritage Bank, Ifie Sekibo confirmed that the bank had already paid the initial 20 percent of the total bid price while efforts were already in place to ensure the payment of the final 80 percent within the stipulated time frame given by AMCON.
“In the spirit of our continuous quest for quintessential banking service delivery aimed at boosting the economy through innovative partnership and professional alignment with like-mind brands, we formally announce the commencement of the process that we believe will finally culminate in the acquisition of Enterprise Bank Limited to further drive our time-proven credo of creating, preserving and transferring wealth among our teeming customers’.
Continuing, he stated, “In line with AMCON’s requirements for the acquisition of Enterprise Bank Limited, HBCL Investment Services Limited (HISL) which is the special purpose vehicle sponsored by Heritage Bank Limited to bid for Enterprise Bank on Friday last week signed the Share Purchase Agreement (SPA). I am also aware that HISL has paid the initial 20 percent as specified in the terms of the Agreement. Efforts are ongoing to ensure that the balance 80 percent is also paid in line with the terms, conditions and time frame specified by AMCON. This major step towards the acquisition of Enterprise Bank by HISL and by extension, Heritage Bank, fills us with great excitement. With this take over process going on smoothly, we are sure a more energized Bank with improved capacity to create, preserve and transfer wealth will soon emerge”, he stated.
Mr. Sekibo specifically pledged the commitment of Heritage Bank to ensuring that current staffs of Enterprise Bank are fully integrated into the processes and aspiration of the bank in order to deliver more values to all stakeholders in the deal.
He described staffs of Enterprise Bank as desirable assets that cannot be thrown away given the level of job they had done to keep the bank going in the face of its recent challenges. Furthermore, the Heritage Bank boss noted that a marriage of the never say die attitude of Enterprise Bank with the uncompromising commitment to innovation and integrity by Heritage Bank could only bring good fruits to all stakeholders in the new bank to emerge as well as the Nigerian banking landscape in general.
According to him, “The story of Heritage Bank is already that of commitment to innovation and trend setting. In the whole world, we are acknowledged to have deployed Finnacle 10 banking software in record time. In Africa, we are the first to introduce transparent master card. In Nigeria, we have pioneered Agent Banking. We are set for more radical innovations that will change the face of banking in the country. And this marriage with Enterprise Bank, a bank that has gone through so many challenges yet remains one of the best run, will only produce more excitement and tremendous opportunities to deepen banking services in the country for the overall benefit of consumers and the economy as a whole”.
In the same vein, the Heritage Bank CEO assured the customers of the acquired bank to expect utmost professional banking experience that is founded on uncompromising commitment to excellent customer service and technology driven product development.
He noted further that the acquisition would result in deepening the culture of progressive management and global operational standards which Heritage Bank is proud to be noted for in the financial sector in its less than two years of operations.
“Our vision at Heritage Bank is to deepen the culture of wealth creation, transfer and preservation among Nigerians. This latest acquisition can only empower us to deliver on the vision in a more robust manner, with more vigour and through a stronger and more diversified platform offered by this new partnership with another tested market player. We are hopeful that with this historic feat, Heritage Bank has further shown its intention to change the financial business landscape in Nigeria”, he concluded.
The Enterprise Bank acquisition has positioned Heritage Bank which entered the market slightly over a year ago with a regional bank status following the acquisition of the banking licence and liabilities of the defunct Societe Generale Bank of Nigeria (SGBN), well on its way to becoming a strong national bank. The acquisition of Enterprise Bank which currently boasts of 176 branches will increase Heritage Bank’s point of presence from the current 19 Experience Centres to nearly 200 branches spread all over the country.