The singular most attention-grabbing event in the nation’s banking sector in 2014 came in the last quarter of the year. It was the announcement by the Assets Management Corporation of Nigeria (AMCON) of Heritage Bank as the winner of the bid for the acquisition of Enterprise Bank. As would be expected, it jolted the entire banking industry. Reason being that it would have been considered an impossible task for a bank that entered the market less than two years ago to beat other well established players like Fidelity, Skye, Diamond and others to land the deal. But that was how Heritage Bank impressively capped its innovation-laden foray in 2014.
The Heritage Banking Company Investment Services Limited (HISL), a special purpose vehicle sponsored by Heritage Bank to bid for Enterprise Bank, not only came tops in the bid process, but against all industry predictions, paid the N65 billion purchase price within the timeframe specified by AMCON. The Enterprise Bank acquisition, according to analysts and watchers of the nation’s banking sector, served a clear signal that Heritage Bank, which entered the market in 2013, with a regional bank status, was focused on transforming into a strong national bank. The acquisition of Enterprise Bank which currently boasts of over 160 branches, over 177 ATMs, 57 cash centres and 2000 POS terminals spread across major markets and commercial centres in the country, will increase Heritage Bank’s points of presence from the current 15 Experience Centers to nearly 200 branches spread all over the country. This automatically transforms the bank from a tier-2 player to a strong tier-1 player.
However, the acquisition of Enterprise Bank, earth-shaking and record-breaking as it was, happened to be just one of the many strategic, industry-redefining moves Heritage Bank has made, since coming on stream, to justify its fast growing image as an industry game-changer. As a matter of fact, Heritage Banking Company Limited rose from the ashes of the defunct Societe Generale Bank of Nigeria (SGBN) in early 2013. The thinking of some industry watchers then was that of a bank whose soul lies in uncertainty. They were not sure if the new banking experiment would turn-out a success story or not. But the new management was optimistic and determined to ignite a heritage of banking success. Immediately they got a regional banking license from the Central Bank of Nigeria (CBN) in 2013 to start Heritage Bank, they hit the ground running, with a unique philosophy to Create, Preserve and Transfer Wealth to its teeming Customers. Guided by passion and a brand architecture that exudes quality service, performance, respect, integrity, innovation, tenacity and excellence as core values, the promoters of the new bank were driven by the African world view of wealth creation. This reflects in the naming protocol of the bank’s strategic divisions: Ivory, Manila, Cowry and Coral Banking. The unique naming of its branches as Experience Centres to the minutest simplification of banking service offering also gave a strong hint that the bank’s brand differentiation was well thought-out.
The bank, which found itself in a fiercely competitive environment, was quick to deploy its arsenal as a catalyst for growth in the Nigerian financial sector and as a dedicated ambassador for showcasing the global quality that Nigeria possesses. The Heritage Bank blueprint clearly showed that it was birthed to occupy an unusual niche in the area of Small and Medium Enterprises (SME) re-vitalization, high-value project financing, catering uniquely for the unbanked and many more modern banking offerings.
Mr. Ifie Sekibo, the bank’s Managing Director, at inception did state the way the bank wanted to go. According to him, “We re-capitalized to the tune of N12 billion, took up all liabilities and assets of the defunct SGBN and found some form of accommodation for depositors whose money has been trapped for over 10 years. Our vision is simple and clear; today, we might look quite new in the market, but our idea of what this bank should be is clear from day one. We want to be a bank that people will believe and we want to lead in the knowledge that generation banking is the way to go”. Heritage Bank’s thirst for unique customer satisfaction, not only financially, but in other ways, started shortly after its operations began. This became evident as it commenced a zero COT offering to its clients from April 15, 2013. The bank’s offering of zero COT implies that there shall be no hidden charges in transactions. Consequently, this huge selling point would boost the bank’s goodwill, customer trust and deposit base. Heritage Bank’s sponsorship commitment in the areas of Small and Medium Enterprise (SME) development, sports, entertainment, charity and advocacy also stands out. Through its unique SME Support Platform, the bank, in 2014, raised the bar in the efforts to deepen the SME culture in the country. Its Micro Small and Medium Enterprises (MSME) Clinic radically emerged as a unique platform set up to offer a holistic bailout strategy for SMEs in the country through an amalgam of services such as business diagnostics, advisory services, financial literacy and entrepreneurship development, customized product development for each customer and market knowledge development. This scheme is backed up by the innovative Heritage Bank Micro Small and Medium Enterprises (MSME) Investment Protection Fund; a non-collateralized funding option with embedded insurance for the default risk inherent in the SME scheme to assist the growth and rejuvenation of the sector. This remains a strong differentiating indicator of the Heritage Bank approach to SME funding in the country. For example, under this scheme, Heritage Bank, through a groundbreaking partnership with Dbanj, the Koko Master, offered support for KOKO AGROPRENEUR, Dbanj’s initiative under the banner of the national agricultural renewal project being championed by the Ministry of Agriculture. The national agricultural renewal project initiative is aimed, on the one hand, at providing practical leadership and encouragement to the massive youth population to embrace the agricultural revolution being championed by the Minister of Agriculture, Dr. Akinwunmi Adeshina, as part of the national socio-economic transformation agenda. The huge interest of the bank in the entertainment business was brought to fore on January 1st, 2015 with the successful sponsorship of the well-attended top-class comedy concert organized by Nigeria’s comedy king, Ali Baba. The well organized show tagged Ali Baba’s January 1st Concert was a unique night of comedy, music, dance and awards at the Expo Hall, Eko Hotels & Suites, Victoria Island, Lagos. The concert was the first exquisitely packaged comedy concert that will parade 24 comedians in one night to display their prowess. The event was Heritage Bank’s unique way of welcoming many VIP guests and the upscale segment of the Nigerian society who attended the show into the new year. Aside the unforgettable comic excitement that ran through the night, Oluwasegun Famisa, a first class graduate of Electrical Engineering, Obafemi Awolowo University (OAU), Ile-Ife, Osun State got employed by Heritage Bank. Adebayo received the award for outstanding academic performance, which he proved by supplying concrete evidence of his graduation grades. He also became one million naira richer through the king of comedy, who commended the young man and encouraged him to keep on striving for the best. The Heritage – sponsored comedy event wasn’t all just about fun as some notable Nigerian icons were recognized under THE FIRST AWARDS christened- The Zakilo. Some of the first set of beneficiaries were the doyen of accounting profession in Nigeria, Mr. Akintola Williams; first female Judge of the Supreme Court of Nigeria, Mrs. Aloma Mariam Muhktar; founder of Globacom, Dr. Mike Adenuga; first female to win Gold medal at the Olympics, Mrs. Chioma Ajunwa-Opara; pioneer of the first Nigerian internationally-certified computer brand, Zinox Computers, Mr. Leo Stan Ekeh and first and only female flight engineer in Nigeria, Mrs. Yewande Cole.
Heritage Bank’s sponsorship interest in the entertainment sector has also been replicated in sports development. This was echoed during the recently organised Port Harcourt Amateur Golf Tournament, now known as Heritage Cup Golf Tournament. Justifying the bank’s commitment to the golf tournament, Mr. Sekibo, who was represented by the Regional Director of the bank, South-South, Mr. Emeke Anene, noted that Heritage Bank has decided to regularly sponsor the three-day Port Harcourt Amateur Open Golf Championship, because of the need to preserve and promote the historical legacies of the nation, noting that golf players shared common characteristics of tenacity and drive with Heritage Bank. As 2015 unfolds, “Having secured all relevant regulatory approvals, we are pleased to announce the beginning of a seamless integration of both entities – Heritage Bank and Enterprise Bank – into a bigger and stronger financial institution that is positioned to play a big role in the much envisaged transformation of the nation’s financial sector in line with the country’s stature as Africa’s largest economy. As an integrity-driven business, we remain firmly committed to our continuous quest for quintessential banking service delivery by harnessing the best of the two worlds combined in terms of our innovative products, bespoke technology and expanded branch network manned by a team of tenacious people. We affirm our commitment to all stakeholders that we will continue to deliver on our promise of creating and preserving wealth across generations through highly personalized services”.