Societe Generale Bank Plc (SGBN) will tomorrow (Tuesday) - 28-01-2013

Societe Generale Bank Plc (SGBN) will tomorrow (Tuesday) throw its doors open as it attempts to start a new life as Heritage Banking Company Limited.

The bank said it will begin with a four-week validation exercise of its customers nationwide.

The reopening of the old SGBN as Heritage Bank, according to a report last year, followed the injection of fresh capital by the former owners- the Olusola Saraki family with about 10 per cent, and International Energy Insurance (IEI) Plc, which has Ifie Sekibo, as executive vice chairman as a major shareholder.

Mrs. Josephine Aligwekwe, spokesperson of the bank had a fortnight ago, quoted the CBN letter conveying approval titled, “Re: Application for a Commercial Banking Licence with Regional Authorisation,” dated December 27, 2012. The letter with reference number FPR/LAD/CON/HBC/02/062, was signed by the CBN Director of Financial Policy and Regulations, Chris O. Chukwu.

Aligwekwe, who is group head, Corporate Affairs of the bank, announced that with the CBN approval secured, it is set to commence operations immediately in conformity with the terms of the Licence.

“All customers of the former Societe Generale Bank (Nig.) Limited are advised to look out for announcements in the national dailies detailing the processes and procedures for the account validation exercise”, the statement said.

The return of SGBN’s licence, followed a favourable June 2008 ruling by Justice Binta Murtala that the CBN’s revocation order was “in bad faith, unconstitutional, null and void.”

SGBN had denied allegations that it made no effort to recapitalize, as merger talks with Unity Bank was at advanced stage at the time its licence was revoked, blaming the CBN for frustrating its effort to conclude the arrangement before the deadline expired