AMCON Set To Divest From Another Bridge Bank For New Bidder, Heritage

Posted by African Examiner Business News, Latest Headlines Thursday, January 29th, 2015

In line with the Central Bank of Nigeria (CBN) divestment regulations as unveiled some years ago, there is likelihood that a new generation Heritage Bank will soon formally unveil a grand plan to synthesize its operation with Enterprise Bank.

Emefiele, AMCON Chairman and Sekibo

Heritage Bank Managing Director, Mr. Ifie Sekibo, in his speech at the Board Divestment Closure ceremony, thanked the Central Bank of Nigeria (CBN), AMCON, Securities and Exchange Commission as well as former management of the bridge banks for making the AMCON divestment process transparent.

Mr. Sekibo added with the development, Heritage has become the impetus to roll out a more robust plan that would affirm its commitment to the promise of creating and preserving wealth across generations through highly personalized banking service.

“We promise to make the bank more successful. We will create more value and improve on what has been done at Enterprise Bank. One year from now, all stakeholders will see reasons to appreciate the sale of the bank to Heritage Bank”, assured the Bank Chief executive.

The outgoing Managing Director and Chief Executive Officer of Enterprise Bank, Mr. Ahmed Kuru, expressed happiness over Heritage Bank’s emergence as the preferred bidder for the bridge bank, adding “the level of damage will be minimized compared to if AMCON’s shares in the bank (Enterprise) had been acquired by a larger bank.”

AMCON, Managing Director, Mr. Mustafa Chike-Obi, said the corporation’s divestment from the bridge banks was in line with the CBN’s regulation to leave banks in the hands of public hands, noting only one bridge bank was now left and would be hopefully sold after the elections.

The divestment he restated was consistent with AMCON 2014 last quarter announcement that both Heritage and Skye Banks were preferred bidders for Enterprise Bank and Mainstreet Bank respectively, affirming that both banks had since completed the payments for the 100 per cent shares of the two acquired banks, and were “currently conducting a process for seamless integration”.