The Heritage Banking Company Investment Services Limited (HISL), a special purpose vehicle sponsored by Heritage Bank to bid for Enterprise Bank, has recently announced the full payment of the 80% balance of its purchase price for the bank. This is in fulfillment of the major requirement necessary for its full acquisition of Enterprise Bank Limited. The Assets Management Corporation of Nigeria (AMCON) had last month announced HISL as the preferred bidder for Enterprise Bank. AMCON also gave HISL up to Wednesday, October 15 to pay the 80% balance of the bid price after the latter met the deadline for the payment of the initial 20%, leading to the signing of the Share Purchase Agreement last month.
The final payment of the balance of the bid price by HISL within the time frame specified by AMCON means the coast is clear for Enterprise Bank and Heritage Bank to merge as one stronger banking entity.
The Enterprise Bank acquisition is a clear signal that 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), is well on its way to becoming a strong national bank. The acquisition of Enterprise Bank which currently boasts of 165 branches will increase Heritage Bank’s points of presence from the current 15 Experience Centers to nearly 200 branches spread all over the country.
The development has equally confirmed HISL’s earlier expression of readiness to fulfill all conditions necessary to see the Enterprise Acquisition transaction through to completion.
Speaking at a media briefing in Lagos after the payment of the initial 20 percent of the purchase price, the MD/CEO, Heritage Bank, Ifie Sekibo, had assured that efforts were already in place by HISL to ensure the payment of the balance within the time frame stipulated by AMCON.
The MD/CEO expressed satisfaction with this major step towards the acquisition of Enterprise Bank and assured customers and the public at large that this synergy would result in a bigger and more energized Bank with improved capacity to create, preserve and transfer wealth.
Mr. Sekibo also confirmed his intention to ensure a seamless integration of both institutions, including human capital, in order to deliver greater value to all stakeholders. He stated that the combination of the unwavering spirit of Enterprise Bank together with the uncompromising commitment to innovation and integrity by Heritage Bank would positively impact the Nigerian banking industry in general.