The Nigerian banking industry is set to witness the
re-entrance of Societe Generale Bank, a company whose license was
revoked in in 2006 but restored by court judgement in 2009.
SGBN
will return as Heritage Bank of Nigeria and commence full operations in
the first quarter of 2013 as a regional bank duly licensed by the
Central Bank of Nigeria (CBN).
The correspondence which granted
the CBN’s approval for Banking Licence to HBC entitled ’Re: Application
for a Commercial Banking Licence with Regional Authorisation’ was dated
December 27, 2012 with reference number FPR/LAD/CON/HBC/02/062, and
signed by CBN’s director of financial policy and regulations, Chris O.
Chukwu.
The major shareholders of the bank are Industrial and General Insurance, as well as the Saraki family.
Josephine
Aligwekwe, head of Corporate Communications of the bank, released a
statement to the effect that the bank would begin a month long account
validation for old customers of the bank.
The statement
said, “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.”
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