Afreximbank Supports Heritage Bank With $150m

Afreximbank Supports Heritage Bank With $150m

African Export Import Bank (Afreximbank) has provided a $150 million funding support for Heritage Bank Limited.

Read also: Heritage Bank empowers young entrepreneurs

In a statement announcing this development yesterday, Divisional Head, Corporate Communications, Olusola Longe-Okenimkpe said, HBCL Investment Services Limited (HISL) a major shareholder of Heritage Bank Limited has executed the term sheet for the issuance of guarantee for its $150 million Convertible Bond with the African Export Import Bank (AfreximbanK) to support Heritage Bank Plc in its next phase of growth.

OrijoReporter.com, Afreximbank's support for heritage bank

L-R: Afreximbank President, Benedict Oramah and Heritage Bank Plc Managing Director/CEO, Ifie Sekibo, after the execution of the term sheet for the issuance of guarantee for its $150 million Convertible Bond with the African Export Import Bank (AfreximbanK) to support Heritage Bank Plc in its next phase of growth.

Heritage Bank recently concluded a business combination with Enterprise Bank Limited as part of its market focus and positioning strategy.

The underlying essence of the combination was to facilitate the deployment of its retail banking franchise especially its aspiration of emerging as the bank of choice for small growing businesses.

Afreximbank, a frontline African financial institution believes in the uniqueness of the business strategy of Heritage Bank especially the Small Growing Business focus of the bank which aligns with the founding mission of Afreximbank.

The outcome of recent engagement with a number of institutional investors shows a desirable appetite for the bond issuance which is scheduled to be completed within a couple of weeks.

Heritage Bank continues to present itself as an evolving institution with solid commitment to innovation, service excellence and value creation underlined by world class corporate governance.”


Related Articles

NAN SENATE PRESIDENT, 4 OTHER UNDERGRADUATES DIE IN GHASTLY AUTO CRASH

Senate President of the National Association of Nigerian Students (NANS), Comrade Donald Osifo and four other officials of the association,

Olukoya warns his rival in fight over MFM Prayer City Land

The General Overseer of the Mountain of Fire and Miracles Ministries, Dr Daniel Olukoya, has warned the family contesting the

NIGERIAN TEACHER STABBED BY 14-YR-OLD PUPIL OVER PHONE

A Nigerian working as a science teacher in the UK was on Thursday stabbed by a 14-year-old pupil in front


x

Related Posts

Magu promises to end corruption in 12-month's time
Acting Chairman of the Economic and Financial Crime Commission, EFCC, Ibrahim Magu, has promised to end corruption in Nigeria in the next 12 mont...
FG promises Teachers mouth-watering salaries
The Federal Government has promised to make teachers the highest salary earners in Nigeria, saying the plan would help to attract the best to the...
Obasanjo reveals he once used gun to chase a soldier
Former President, Chief Olusegun Obasanjo has revealed that he once prevented a Nigerian soldier from raping a pro-Biafra during the civil war. ...
powered by RelatedPosts