Monday, 17 July 2017

Banking Sector: Heritage Bank to acquire Enterprise Bank in N56BN deal

Heritage Bank has received approval to acquire Enterprise Bank

The final step in the acquisition of Enterprise bank was the purchase of the company’s fully-paid-up ordinary shares valued at about N56.1 billion by Heritage Bank.

The Board of Directors of the Asset Management Corporation of Nigeria (AMCON) has granted its permission for the acquisition of Enterprise Bank by Heritage Bank.

AMCON stated that the final step in the acquisition of Enterprise bank was the purchase of the company’s fully-paid-up ordinary shares valued at about N56.1 billion by Heritage Bank.

The sale was conducted via a bidding process and HBCL Investment Services Limited, a subsidiary of Heritage Bank, emerged as the preferred bidder.

The transaction has received final approval from AMCON asides from other necessary approvals by the relevant regulatory authorities, including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).



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