Thursday

The Unprecedented Achievement Of Heritage Bank



The miracle of raising the dead or bringing life back to an already hopeless situation be it human life, machine or an organisation is not an easy feet to accomplish. Most times you may need divine intervention or a special intellectual ability to be able to achieve this impossible feet. A very good example of someone who has been able to bring back life and also resuscitate a seemingly hopeless situation is our Saviour Jesus Christ. Very few individuals have the rare privilege of doing this, which brings us to this remarkable achievement made by Heritage Bank.

On March 4, 2013, a group of young men decided to put their money together and approached the owners of Societe Generale Bank of Nigeria (SGBN) ----. Many industry watchers and stakeholders never believed that such a bleak could ever be surmounted. They never in their wildest dream imagine that this courageous young men will risk their funds and career  in order to bring back to life an organization that have been in complete comatose for ten years. I must say that Societe Generale Bank was already dead and buried. Many investors have tried to buy this same Bank before now but to no avail, for they all failed. But the heritage group ably lead by a brilliant banker, a financial and boars room guru in the person of Mr Ifie Sekibo damned the consequences and bought over a comatose bank and put life back into it. Barely three years of that action, Heritage bank is one of the best bank in the industry.

80% of the Bank and 11% was given to some depositors who indicated interest that their money be converted into shares while some depositors got their money in cash. The former shareholders which included the Sarakis and 19 other shareholders who were then original owners were given 9% of the Bank. Heritage Bank group paid #10billion for their 80% shares of Societe Generale Bank of Nigeria to run as a regional Bank. At the end everybody went home satisfied with the whole transaction and the new ownership of the bank was transferred to the Heritage Bank group. The happiest group was the depositors or customers of the bank who had thought that their money will never be paid again since the bank was liquidated by CBN.

The Bank started operations with three branches, two in Lagos and one in Ibadan. The chairman of the Bank stated this at the opening of the Bank …that Heritage Banks motive in the industry was to focus  mainly on small and medium businesses so as to boost their operations and this they have been able to achieved, as 80% of their customers are Small and medium scale Entrepreneurs (SMSs) and retail outlet owners. They also have a network of more than 10000 young businesses which the bank is nurturing and supporting to grow. Also the Bank promised at inception of a technologically driven Bank and the Bank is running the latest mobile banking platform in the country presently.

It will interest you to know that Heritage Bank operate a different kind of banking system quite different from what is obtainable in other banks in the country, with one of the best customer care services with a very high innovative principles. These key innovative principles have helped Heritage Bank of Nigeria to grow from a regional bank with 11 branches into a national Bank with close to 200 branches spread across the whole country after their record breaking acquisition of former Enterprise Bank, with an asset of over #65billion in shares and more than a Billion naira in profit. This is a miraculous feet to achieved in such a short period of time.

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