Industry Financial Services Founded 1989 | Area served Nigeria Type of business Public Company by Shares | |
Headquarters 292B Ajose Adeogun Street, Victoria Island, Lagos, Lagos State, Nigeria Key people Akinsola Akinfemiwa
Chairman
Ifie Sekibo
Managing Director & CEO Products Banking and Financial Services Total assets US$1.7+ billion (NGN:483.4 billion) (Dec 2015) Profiles | ||
Heritage Bank Plc. (HB PLC), now known as Heritage Bank Plc., but often referred to as Heritage Bank, is a commercial bank in Nigeria. It is one of the commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator, with a National Operating License.
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Overview
In 2012, the core investor, IEI Plc, through IEI Investments Limited, acquired the Societe Generale Bank of Nigeria (SGBN) license from the Central Bank of Nigeria (CBN). Having fulfilled all required criteria, the bank returned 100% of existing SGBN account holders’ money to their owners. Heritage Bank Plc is a large financial services provider in Nigeria. Currently licensed as a National Bank, it offers banking and financial services in the country, including the South, West, Southeast and the North. As of December 2015, the total asset valuation of the bank was estimated at about US$1.7+ billion (NGN:483.4 billion). Its shareholders' equity is worth at least US$88 million (NGN:25 billion), the minimum capital requirement by the Central Bank of Nigeria (CBN), for national banks.
History
The bank traces its roots to the late 1980s, when it was founded as Societe Generale Bank (Nigeria) (SGBN), by the late Dr. Olusola Saraki. In January 2006, the Central Bank closed down SGBN on account of failure to meet new minimum capital requirements of US$155 million (NGN:25 billion) for a National Bank. SGBN successfully challenged the closure in court. In December 2012, CBN re-issued SGBN's banking license, but as a regional bank. The bank re-branded as Heritage Banking Company Limited and reopened for business under the new name on 4 March 2013.
In October 2014, Heritage Banking Company Ltd successfully met the requirements of the Asset Management Corporation of Nigeria (AMCON) and the Central Bank of Nigeria (CBN) toward owning 100% shares in Enterprise Bank Ltd.
On 27 January 2015, AMCON officially transferred ownership of Enterprise Bank Ltd to Heritage Bank, and today we have been fully integrated to become a single BIGGER and BETTER financial institution: Heritage Bank Plc.
Ownership
As of September 2013, the bank's stock is publicly owned by the following corporate entities and individuals:
Branch network
Headquartered in Lagos, Nigeria,Heritage Bank Plc has 162 branches and 48 automated banking centers in all states of the federation and the Federal Capital Territory (FCT).
Governance
Akinsola Akinfemiwa, a non-Executive director, serves as the Chairman of the nine-person Board of Directors. The Managing Director and Chief Executive Officer, is Ifie Sekibo.
Recent developments
In October 2014, Heritage Bank acquired 100% shareholding in Enterprise Bank Limited, a nationalized financial services provider with over 160 branches and US$1.6 billion in assets. Heritage paid AMCON US$$340 million (NGN:56.1 billion), in cash, for the acquisition. Heritage Investment Services Limited (HISL), the investment arm of Heritage Banking Company Limited (HBCL), was the winning bidder out of 24 Nigerian and International companies who competed for the acquisition of Enterprise Bank.