22 January 2013

Nigeria: Societe Generale Returns As Heritage Bank

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

According to the terms of the CBN approval, Heritage Banking Company Limited which will trade as Heritage Bank is to offer full commercial banking services under a regional bank status.

As a preliminary step, the bank has announced that it will commence an immediate validation exercise for account holders of the former Societe Generale Bank of Nigeria Limited (SGBN).

The letter conveying CBN's approval for grant of banking licence to HBC titled, "Re: Application for a Commercial Banking Licence with Regional Authorisation" was dated December 27, 2012 with reference number FPR/LAD/CON/HBC/02/062, and signed by the CBN's Director of Financial Policy and Regulations, Chris O. Chukwu.

In a media statement signed by the Group Head, Corporate Affairs of Heritage Bank, Josephine Aligwekwe, the bank announced that with the CBN approval, it is set to commence operations immediately in conformity with the terms of the licence.

As a first step, Heritage Bank would commence from January 29, a four-week exercise aimed at validating the accounts held by customers of the old SGBN.

"All customers of the former Societe Generale Bank (Nig.) Ltd are advised to look out for announcements in the national dailies detailing the processes and procedures for the account validation exercise," the statement said.

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