The Asset Management Corporation of Nigeria has approved the takeover of Enterprise Bank, one of the nationalised banks, by Heritage Bank.

The corporation while announcing the completion of the sale of Enterprise to Heritage Bank in a statement on Wednesday, said the latter had fulfilled all necessary conditions.

The statement by the Head, Corporate Communications, AMCON, Mr. Kayode Lambo, said, “AMCON is please to announce the successful completion of the sale of the entire issued and fully paid up ordinary shares of Enterprise Bank Limited to HBCL Investment Services Limited, for a consideration of N56.1bn.”

He noted that the transaction had been approved by its board all necessary regulatory agencies.

Lambo further explained that “the transaction was structured as a broad public auction process, which attracted interest from multiple domestic and international bidders, with HISL emerging as the preferred bidder. Completion of this transaction follows from the fulfillment of the terms and conditions stated in the Share Purchase Agreement executed between AMCON and HISL.”

He added, “The transaction has been approved by the Board of Directors of AMCON and relevant regulatory approvals have been obtained from the Central Bank of Nigeria and the Securities & Exchange Commission.”

He said that in line with AMCON’s strategic objectives, the transaction marked the divestment of the first of three banks that were acquired by the corporation in August 2011 and represented a landmark transaction in the nation’s banking sector.

According to the statement, Citigroup Global Markets Limited and Vetiva Capital Management Limited acted as financial advisers to AMCON while G. Elias & Co. acted as legal advisers to the corporation on the transaction.

HBCL Investment Services Limited is a special purpose vehicle incorporated for the purpose of acquiring AMCON’s entire shareholding in Enterprise Bank. HISL is sponsored by Heritage Banking Company Limited.

Enterprise Bank commenced operation in August, 2011 as a full-service commercial bank with a national banking licence.

Punch