BY PETER EGWUATU

Heritage Bank has disclosed its readiness to fulfill all conditions necessary for the acquisition of Enterprise Bank as stated after the recent successful signing of the Share Purchase Agreement between it and the Asset Management Corporation of Nigeria (AMCON).

It also stated that the current staff of Enterprise Bank would be fully integrated into the processes and aspirations of the bank in order to deliver more values to all stakeholders in the deal, even as assurance was given that the entity would be listed on the Nigerian Stock Exchange, NSE.

Speaking to newsmen, the Managing Director/CEO, Heritage Bank, Mr. Ifie Sekibo confirmed that the bank had already paid the initial 20 per cent of the total bid price while efforts were already in place to ensure the payment of the final 80 per cent 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 per cent as specified in the terms of the Agreement. Efforts are ongoing to ensure that the balance 80 per cent is also paid in line with the terms, conditions and time frame specified by AMCON.

This major step towards the acquisition of Enterprise Bank by HISL and by extension, Heritage Bank, fills us with great excitement. With this take over process going on smoothly, we are sure a more energized bank with improved capacity to create, preserve and transfer wealth will soon emerge,” he stated.

He described staffs of Enterprise Bank as desirable assets that cannot be thrown away given the level of job they had done to keep the bank going in the face of its recent challenges.

Furthermore, the Heritage Bank boss noted that a marriage of the never say die attitude of Enterprise Bank with the uncompromising commitment to innovation and integrity by Heritage Bank could only bring good fruits to all stakeholders in the new bank to emerge as well as the Nigerian banking landscape in general.