Enterprise Bank: AMCON, Heritage Bank to Sign Share Purchase Agreement Today

Obinna Chima
 

The Asset Management Corporation of Nigeria (AMCON) and Heritage Bank Limited will today, sign a Share Purchase Agreement (SPA) to pave way for the latter to acquire Enterprise Bank Limited.

A reliable industry source informed THISDAY yesterday that Heritage Bank, which was last week announced as the preferred bidder for the bank, which is wholly owned by AMCON has paid the 20 per cent or N11.2 billion of the bid price.

THISDAY had exclusively reported that Heritage Bankwon the bid for the acquisition of Enterprise Bank at N56 billion.
The SPA, according to the source would be signed in Abuja today.

“As I speak to you, Heritage Bank has made payment, which was what necessitated the SPA signing to hold in Abuja,” the source who preferred to remain anonymous added.

The balance of 80 per cent or N44.8 billion would be paid on October 13.
AMCON had announced Fidelity Bank Plc as the reserve bidder for Enterprise Bank.

Heritage Bank commenced operations in March 2013. The deposit money bank was formed from the defunct SocieteGenerale Bank of Nigeria (SGBN) and was granted a regional banking licence by the Central Bank of Nigeria (CBN).
On commencement of business, its shareholding structure was 80 per cent core investor, nine per cent legacy bank, and 11 per cent of depositors’ funds.

The bank has continued to portray itself as an SME-focused financial institution.

AMCON had in a statement signed by its Head of Corporate Communication, KayodeLambo, noted that “the completion of the transaction is subject to the fulfillment of the conditions precedent as stated in the Share Purchase Agreement (SPA) that is to be executed between AMCON and HISL (the investment vehicle owned by Heritage Bank).”

Culled from www.thisdaylive.com