Bank of Nigeria (CBN) has consented to the merger between Heritage and Enterprise banks following the approval of the merger by the Federal High Court.

The approvals came on the heels of the bid won by Heritage bank for the acquisition of Enterprise Bank about a year ago. The Bank had on October 15, 2014 completed the acquisition of Enterprise Bank, after investing about N56bn in the deal.‎

In a letter to Heritage Bank, the apex bank confirmed that: “The management of the Central Bank of Nigeria has approved the grant of final merger approval to Heritage Banking Company Limited and Enterprise Bank Limited and the license of Heritage Bank Limited (the successor),”.

Confirming the development, Managing Director/Chief Executive Officer, Heritage Bank Limited, Mr. Ifie Sekibo said, “We’re pleased with the final approval of the merger of the two institutions. The stage is now set for us to achieve the vision of a bigger and better bank that offers world-class banking services designed to help customers to create, preserve and transfer wealth.

“With this acquisition, the new Heritage Bank is better positioned to offer unparalleled banking services that spread across over 200 branches, 177 ATMs, 57 cash centres and 2,000 PoS terminals in 26 states.” Sekibo assured.