Heritage Banking Company Limited have commenced process to purchase Enterprise Bank Limited.
The deposit money bank formed from the defunct Societe Generale Bank of Nigeria (SGBN) signed a Share Purchase Agreement (SPA) with the Asset Management Corporation of Nigeria (AMCON), owners of Heritage Bank.
The SPA signing ceremony was held at AMCON’s head office in Lagos.
I learnt Heritage Bank Limited paid the initial 20 per cent (N11.2 billion) of the bid price (N56 billion) in compliance with the terms of its acquisition of Enterprise Bank Limited.
The remaining 44.8 billion would be paid by October 13 as agreed by both Banks.
Transition from Enterprise Bank to Heritage Bank would also be done 15 days after all the payment terms have been made; this was requested by the buyers.
A correspondent to thisdaylive identified chairman of Heritage bank, Mr. Akinsola Akinfemiwa accompanied by other executives at the SPA signing ceremony.
“Representatives from the Financial Advisers to the deal -Citigroup Global Markets Limited and Vetiva Capital Management Limited as well as G. Elias & Co, the Legal Adviser were present”, the source reported.
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