Heritage Bank N56.1 billion acquisition of Enterprise Bank from AMCON

Overview:

• Heritage Bank has acquired state-controlled Nigerian bridge bank, Enterprise Bank, from AMCON (The Asset Management Corporation of Nigeria) for $330 million.
• Enterprise Bank was one of three Nigerian banks nationalised by the state in 2008. 
• Before the state bailout, the lender was called Spring Bank. 
• The bank was relaunched as Enterprise Bank in 2011.
• Enterprise has 160 branches in West Africa.

Ben Naylor - Regional editor