Nigeria: Heritage Bank completes Enterprise Bank acquisition

Dec 01, 2014

The Asset Management Corporation of Nigeria (AMCON) has successfully completed the sale of Enterprise Bank Limited to HBCL Investment Services Limited (HISL) for N56.1 billion (€253 million).

HISL was chosen following a public auction, which attracted interest from multiple domestic and international bidders.

"In line with AMCON's strategic objectives, this transaction marks the divestment of the first of three banks that were acquired by AMCON in August 2011 and represents a landmark transaction in the Nigerian banking sector," said AMCON.

The transaction has already been approved by the board of AMCON and the regulators (the Central Bank of Nigeria and the Securities and Exchange Commission).

AMCON used Citigroup Global Markets Limited and Vetiva Capital Management Limited as financial advisers, and G. Elias & Co as legal advisers.ADNFCR-2976-ID-801763417-ADNFCR