Heritage Bank has emerged the winning bidder for the assets and liabilities of Enterprise Bank.
The Asset Management Corporation of Nigeria (AMCON) announced that Heritage Bank-sponsored HBSL Investment Services Limited edged out Skye and Fidelity Banks to emerge the preferred bidder.
AMCON spokesman, Mr. Kayode Lambo, said, “The Asset Management Corporation of Nigeria is pleased to announce HBCL Investment Services Limited as preferred bidder and Fidelity Bank Plc as reserve bidder for the acquisition of the entire issued and fully paid up ordinary shares of Enterprise Bank Limited. This follows the receipt of the approval of the Board of Directors of AMCON. HISL is sponsored by Heritage Banking Company Limited.”
He said, “The completion of the transaction is subject to the fulfilment of the conditions precedent as stated in the Share Purchase Agreement that is to be executed between AMCON and HISL. In the event that HISL is unable to complete the transaction in line with the payment terms and other provisions of the SPA, the SPA entered into with HISL would be terminated and Fidelity Bank would become the preferred bidder.
“This process started with interest shown by 24 parties cutting across local and international bidders. The emergence of HISL and Fidelity Bank as the preferred and reserve bidders, respectively resulted from a rigorous and competitive bidding process, which was coordinated for AMCON by Citigroup Global Markets Limited and Vetiva Capital Management Limited (financial advisers) and G. Elias & Co. (legal advisers).”
Mainstreet is one of three Nationalized banks, that were put up for sale by AMCON.
The other Nationalized banks, Keystone and Mainstreet will see their preferred bidders announced likely before the end of the year.