Heritage bank acquires Enterprise Bank, Fidelity Bank in stand-by

Heritage Banking Company Limited might have emerged the successful bidder for nationalized Enterprise Bank, as the Assets Management Corporation of Nigeria (AMCON) announced yesterday that Heritage Bank emerged as the preferred bidder.

Bid for the sale of Enterprise bank (formerly Spring Bank) had opened 15 months ago.

AMCON executives, when contacted, said a formal announcement of the new owner of Enterprise Bank would soon be announced. Fidelity Bank was announced as reserve bidder.

However, should the of the share purchase agreement between AMCON and Heritage Bank fail, Fidelity Bank would automatically step in.

Heritage Bank, formerly Societe Generale Bank of Nigeria, bidded under its investment subsidiary, HBCL Investment Services Limited and would now acquire the entire issue and fully paid up ordinary shares of Enterprise Bank Limited, following the approval of the board of directors of AMCON.

According to AMCON, the emergence of HISL and Fidelity Bank as the preferred and reserve bidders respectively resulted from a rigorous and competitive bidding process, coordinated by its financial and legal advisers, Citigroup Global Markets Limited and Vetiva Capital Management Limited and G. Elias & Co.

Enterprise Bank operates via a distribution network of over 160 branches spread across major markets and commercial centres in Nigeria, and with over 177 ATMs, 57 Cash Centres and 2,000 POS terminals.