Heritage Bank, which emerged the preferred bidder for Enterprise Bank two weeks ago, says it will list its shares on the Nigerian Stock Exchange after putting certain things in place, including the proposed transition of Enterprise Bank to Heritage Bank.
The Chief Executive Officer of the bank, Mr. Ifie Sekibo, who made the disclosure at a press briefing in Lagos on Monday, also stated that the bank had paid the 20 per cent initial deposit for the acquisition of Enterprise Bank.
He said the remaining 80 per cent would be paid in the next few weeks, in line with the timetable set by the Asset Management Corporation of Nigeria in the purchase agreement.
He said, “If HISL succeeds in completing the acquisition, we will be very happy to have a business relationship with Enterprise Bank. We will remain true to our commitment. If we do the combination, our shareholders and customers will be very happy.”
The Heritage Bank boss declined to comment on the amount the lender was buying the nationalised bank from the bad debt manager which was created after the banking crisis of 2009.
He said there were a few regulatory hurdles to be crossed before Heritage Bank could successfully boast of owing Enterprise Bank.
AMCON had on September 11 announced Heritage as the preferred bidder after a rigorous bidding process that lasted over one year.
The corporation also announced Fidelity Bank as the reserve bidder but declined to state the amount the two banks had quoted to buy the bridge bank.
AMCON is due to complete the sale of Mainstreet Bank, another nationalised bank, on or before October 31 this year.
Sekibo, however, said as part of its proposed transition plan, Heritage was working to ensure that the staff members of Enterprise Bank would keep their jobs after the acquisition.
Enterprise Bank is estimated to have over 3,000 workers across 170 centres in the country, while Heritage is estimated to have between 600 and 700 employees in less than 50 centres.
“We will want to make sure no one loses his or her job. However, I am just a single person in the company. Others need to have input. But we will do our best,” Sekibo said.
He also said the bank would continue to pursue its growth paths by deploying more Visa cards and had plans to open 5,000 agency banking outlets across the country.
“We will keep focusing on what we have been doing. It will not change the way we do our business,” he added.
The Managing Director, HISL, Mr. Segun Akanji, recalled that the sale process of Enterprise Bank had been very rigorous.
He said the quality and nature of information the bank provided for AMCON-appointed advisers created an opportunity for HISL in the entire bidding process.
Punch
