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LequteMan
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Asset Management Company of Nigeria (AMCON) in a statement released yesterday, has selected a private commercial bank, HBCL Investment Services Limited (HISL), a branch of Heritage Bank, as the successful bidder to buy nationalised lender Enterprise Bank, BUSINESS DAY reports.
Details of the agreed price of the sale wasn't disclosed,
It said Fidelity Bank had been chosen as the reserve bidder in the event the first choice HISL could not complete the transaction as agreed.
The decision followed a “rigorous and competitive bidding process” in which 24 foreign and local entities had initially shown interest. Citigroup and local investment firm Vetiva Capital had acted as advisors for the sale.
Enterprise, with over 160 branches, is the first of the three nationalised banks to be put up for sale by AMCON, which was set up to help resolve the 2009 banking crisis, triggered by reckless lending and a stock market collapse in 2008.
Afribank, Spring Bank and Bank PHB, were nationalised in 2011. AMCON then recapitalised them and changed their names to Mainstreet Bank, Enterprise Bank and Keystone Bank, respectively.
#HISL #Enterprise #AMCON #Heritage #HeritageBank
Details of the agreed price of the sale wasn't disclosed,
It said Fidelity Bank had been chosen as the reserve bidder in the event the first choice HISL could not complete the transaction as agreed.
The decision followed a “rigorous and competitive bidding process” in which 24 foreign and local entities had initially shown interest. Citigroup and local investment firm Vetiva Capital had acted as advisors for the sale.
Enterprise, with over 160 branches, is the first of the three nationalised banks to be put up for sale by AMCON, which was set up to help resolve the 2009 banking crisis, triggered by reckless lending and a stock market collapse in 2008.
Afribank, Spring Bank and Bank PHB, were nationalised in 2011. AMCON then recapitalised them and changed their names to Mainstreet Bank, Enterprise Bank and Keystone Bank, respectively.
#HISL #Enterprise #AMCON #Heritage #HeritageBank
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