Heritage Bank begins operation Jan 29, gets CBN licence

By PETER EGWUATU

HERITAGE Bank, formerly Societe Generale Bank (Nig.) Ltd., SGBN, will commence commercial banking operation, Tuesday, January 29, following the approval granted it by the Central Bank of Nigeria, CBN.

According to the terms of the CBN approval, Heritage Banking Company Ltd. which will trade as Heritage Bank is to offer full commercial banking services under a regional bank status. As a preliminary step, the bank said it will commence an immediate validation exercise for account holders of the former Societe Generale Bank (Nig.) Ltd.

The letter conveying CBN’s approval for grant of Banking Licence to HBC entitled: ‘Re: Application for a Commercial Banking Licence with Regional Authorisation’ was dated December 27, 2012 with reference number FPR/LAD/CON/HBC/02/062, and signed by the CBN Director of Financial Policy and Regulations, Chris O. Chukwu.