Heritage Bank to sell off enterprise subsidiaries

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IFIE SEKIBO

Following its acquisition of Enterprise Bank, the management of Heritage Bank Limited has said it intends to sell off the subsidiaries of the bank which it bought off Assets Management Company of Nigeria (AMCON).

According to the managing director and chief executive of Heritage Bank, Ifie Sekibo, this is to allow the bank focus on its core business. Before its acquisition, Enterprise Bank owned seven subsidiaries and two associated companies with a network of over 150 branches nationwide.

The purchase of Enterprise bank had upgraded the status of Heritage Bank from a regional bank to a national bank and the bank had completed the integration last month.

With a previous 15 Experience Centres, Heritage Bank had increased its presence to about 200 service outlets boosted by about 165 branches of the defunct Enterprise Bank, spread across the country.

According to Sekibo, the subsidiaries acquired along with Enterprise Bank will be disposed of at a later time, as Heritage Bank intends to focus mainly on the business of commercial banking.

He added that the bank will stop injecting funds into the subsidiaries pending the time that they will be sold off.

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