Monday, 22 September 2014 20:43
HERITAGE Bank Limited has affirmed the payment of 20 per cent initial deposit of the N56 billion it bidded for the acquisition of Enterprise Bank Limited, beating the September 23 deadline.
According to the bank, the next hurdle, which it expressed confidence of scaling, would be the remaining 80 per cent, totaling over N44 billion, slated for October 13.
The Group Managing Director and Chief Executive Officer, Ifie Sekibo, who made the disclosure Monday in Lagos, while speaking with journalists, said the strategy in the acquisition processes had worked well because it was a calculated at raising the bar in the industry.
Fidelity Bank Plc had emerged reserve bidder for Enterprise Bank’s acquisition, which means that in the event of Heritage Bank’s failure to meet its payment schedules, the former would be the preferred bidder.
But Ifie expressed confidence that its group and investment partners would explore all the available opportunities to ramp up the acquisition processes, allaying fears of failure, as the stakeholders believed so much in the combination that is in the making.
He pointed out that the consolidated Heritage Bank hopes to absorb members of staff of Enterprise Bank to take advantage of their experience and branch network, but added that the plans would be subject to administrative processes.
According to him, the absorb workers would work as a family, fusing seamlessly under the Heritage Bank.
Meanwhile, the bank chief said plans are already underway to launch the 5000 agent banking outlets across the country as soon as the acquisition process are over.
He said that it is a strategy to further strengthen the brand commitment to regulatory policies, sustain its footprints and contribute meaningfully to the financial inclusion drive through innovative approaches.
Ifie Sekibo noted that there is no definite timeline at the moment for transition since the acquisition has not been completed.
He however assured that the bank would enlarge its shareholder base, as the lender would pursue the listing of its shares in the capital market.
“I want to state for the record that we believe in what our Special Purpose Vehicle- HISL, has done. We believe that they would conclude the process and that the combination will happen. We are committed to being innovative.
Heritage Bank commenced operations in March 2013. The deposit money bank was formed from the defunct Societe Generale Bank of Nigeria (SGBN) and was granted a regional banking licence by the Central Bank of Nigeria (CBN).
The bank has continued to portray itself as an SME-focused financial institution.
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