Heritage Banking Company Limited

"Heritage Bank, Nigeria" redirects here. For Heritage Bank, Australia, see Heritage Bank.
Heritage Banking Company Limited
Private
Industry Financial Services
Founded 1989
Headquarters 292B Ajose Adeogun Street
Victoria Island, Lagos, Nigeria
Key people
 Akinsola Akinfemiwa
Chairman
Ifie Sekibo
Managing Director & CEO
Products Banking and Financial Services
Total assets US$192+ million (NGN:31 billion) (March 2013)
Website Homepage

Heritage Banking Company Limited (HBCL), also 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.[1]

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. HBCL is a large financial services provider in Nigeria. Currently licensed as a Regional Bank, it offers banking and financial services in the country, excluding the South, Southeast and the North.[2] As of March 2013, the total asset valuation of the bank was estimated at about US$192 million (NGN:31 billion). Its shareholders' equity is worth at least US$62 million (NGN:10 billion), the minimum capital requirement by the Central Bank of Nigeria (CBN), for regional 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.[3] 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.[4] The bank re-branded as Heritage Banking Company Limited and reopened for business under the new name on 4 March 2013.[5]

Organizational structure

The bank's business model is organized into four functional groups:

Ownership

As of September 2013, the bank's stock is privately owned by the following corporate entities and individuals:[6]

Heritage Banking Company limited Stock Ownership
Rank Name of OwnerPercentage Ownership
1IEI Investments Limited (IEI)80.0
2Olusola Saraki Family9.0
3Other Minority Shareholders11.0
Total100.00

Branch Network

As of September 2013, the bank maintained a network of branches at the following locations:[7]

  1. Main Branch - 292B Ajose Adeogun Street, Victoria Island, Lagos
  2. Abuja Branch - 24 Algiers Street, Wuse Zone 5, Abuja
  3. Port Harcourt Branch - 135 Olu Obasanjo Way, Port Harcourt
  4. Marina Branch - Wesley House, 21-22 Marina, Lagos
  5. Apapa Branch - 36 Warehouse Road, Apapa, Lagos
  6. Ibadan Branch - 7 Adekunle Fajuyi Road, Dugbe, Ibadan[8]
  7. Adeniyi Jones Branch - 34-36 Adeniyi Jones Street, Ikeja, Lagos
  8. National Assembly Branch - Suite 2.39A, New Wing, House of Representatives, National Assembly Complex, Abuja
  9. Ashabi Cole Branch - 7, Ashabi Cole Street, Alausa Central Business District, Ikeja, Lagos
  10. Awolowo Road Branch - 65 Awolowo Road, Ikoyi, Lagos
  11. Adetokunbo Ademola IV Branch - 64 Adetokunbo Ademola Street, Victoria Island, Lagos

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.[9]

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.[10] 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.[11]

See also

References

  1. ↑ CBN, . "List of Licensed Commercial Banks In Nigeria". Central Bank of Nigeria (CBN). Retrieved 4 November 2014.
  2. ↑ Egwuatu, Peter (30 January 2013). "Heritage Bank Begins Operation January 29, Gets CBN Licence". Vanguard (Nigeria). Retrieved 4 November 2014.
  3. ↑ Okeke, Kanyi (29 January 2013). "Societe Generale Bank of Nigeria (SGBN) Returns As Heritage Bank, January 29th 2013". KanyiOkeke.Com. Retrieved 4 November 2014.
  4. ↑ Udo, Ata (16 November 2012). "Saraki’s Bank, SGBN, To Return As Heritage Bank". Premium Times (Abuja). Retrieved 4 November 2014.
  5. ↑ Chima, Obinna (4 March 2013). "Heritage Bank Resumes Operations Today". Thisday (Lagos). Retrieved 4 November 2014.
  6. ↑ Chima, Obinna (4 March 2013). "Shareholding In Heritage Bank Nigeria Limited". Thisday (Lagos). Retrieved 4 November 2014.
  7. ↑ HBCNL, . "Branches of Heritage Banking Company Nigeria Limited". Heritage Banking Company Nigeria Limited (HBCNL). Retrieved 4 November 2014.
  8. ↑ Alawiye, Ademola (10 April 2013). "Heritage Bank Opens First Set of Branches". The Punch (Nigeria). Retrieved 4 November 2014.
  9. ↑ HBCNL, . "The Board of Directors At Heritage Banking Company Limited". Heritage Banking Company Nigeria Limited (HBCNL). Retrieved 4 November 2014.
  10. ↑ Onu, Emele (16 October 2014). "Nigeria’s Heritage Is Acquiring Enterprise Bank for $340 Million". Bloomberg News. Retrieved 4 November 2014.
  11. ↑ Onyedimmakachukwu, . (23 September 2014). "Heritage Bank Plans Stock Listing To Fund Enterprise Purchase". Ventures Africa Magazine (Lagos). Retrieved 5 November 2014.

External links

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