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

25/8/2015
Private acquisition

N 56.1 billion

$ 330 million

Completed

25/8/2015


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

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