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Heritage Bank wins bid to buy Enterprise Bank

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Heritage Bank wins bid to buy Enterprise Bank

by Segun Odeleye

The Asset Management Corporation of Nigeria (AMCON) has announced HBCL Investment Services Limited as preferred bidder and Fidelity Bank PLC as reserve bidder for the acquisition of the entire issued and fully paid up ordinary shares of Enterprise Bank. HISL is sponsored by Heritage Banking Company Limited.

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. In the event that HISL is unable to complete the Transaction in line with the payment terms and other provisions of the SPA, the SPA entered into with HISL would be terminated and Fidelity Bank would become the preferred bidder.

24 parties, local and international, were interested in acquiring Enterprise Bank. After a rigorous process coordinated on behalf of AMCON by Citigroup Global Markets Limited and Vetiva Capital Management Limited (Financial Advisers) and G. Elias & Co. (Legal Advisers), it was announced that HISL and Fidelity Bank have emerged as preferred and reserve bidders respectively.

Enterprise Bank commenced operation in August, 2011, as a full-service commercial bank with a national banking license. The Bank operates via a sizeable distribution network of over 160 branches spread across major markets and commercial centres in Nigeria, and with over 177 ATMs, 57 Cash Centres and 2,000 POS terminals.

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