Heritage Plans NSE Listing after Enterprise Bank Acquisition

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, Ifie Sekibo, who made the disclosure at a press briefing in Lagos on Monday, also stated that the bank had paid the 20 percent 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. The Heritage Bank boss declined to comment on the amount the lender was buying the nationalized 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.

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