• Friday, February 23, 2024
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Heritage Bank outlines steps to integrate Enterprise Bank


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 on Monday, Ifie Sekibo, group managing director/CEO of the bank, 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.”