21 January 2013

Nigeria: Heritage Bank Commences Validation of SGBN Account Holders

The newly licensed Heritage Bank Limited has announced the commencement of validation exercise for old account holders of former Societe Generale Bank Limited (SGBN).

The core investors in former SGBN had adopted the adopted Heritage Bank as its trading name.

According to a statement signed by the Group Head, Corporate Affairs, Heritage Bank, Josephine Aligwekwe, at the weekend, the four-week validation exercise would commence on January 29.

The Central Bank of Nigeria (CBN) had granted approval to Heritage Banking Company to commence commercial banking operation in the country.

According to the terms of the CBN approval, Heritage Banking would offer full commercial banking services under a Regional Bank status.

It also explained that a letter conveying CBN's approval for a banking license to Heritage Bank titled: "Re: Application for a Commercial Banking License with Regional Authorisation," was dated December 27th, 2012 with reference number FPR/LAD/CON/HBC/02/062, and signed by the CBN Director of Financial Policy and Regulations, Chris O. Chukwu.

The bank added that with the CBN approval secured, it is set to commence operations immediately in conformity with the terms of the licence.

"All customers of the former SGBN are advised to look out for announcements in the national dailies detailing the processes and procedures for the account validation exercise", the statement noted.

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