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HERITAGE BANKING COMPANY LIMITED GETS CBN LICENCE, TO START VALIDATION OF SGBN ACCOUNT HOLDERS

By Eric Eghaghe

The Central Bank of Nigeria has granted approval to Heritage Banking Company (Heritage Bank) to commence Commercial Banking operation in the country. According to the terms of the CBN approval, Heritage Banking Company Ltd. 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 (Nig.) Ltd. (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 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.

In a media statement signed by the Group Head, Corporate Affairs- Heritage Bank, Josephine Aligwekwe, the Bank announced that with the CBN approval secured, it is set to commence operations immediately in conformity with the terms of the Licence. As a first step, the statement said, Heritage Bank would commence from Tuesday, 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 noted.

(Signed)
Josephine Aligwekwe (Mrs.)
Group Head, Corporate Affairs,
Heritage Banking Company Ltd.