Heritage Bank of Nigeria Starts Account Validation January 29

Business News (Finance) –Heritage Banking Company (Heritage Bank) will on January 29, 2013 begin account validation for customers of Societe Generale Bank of Nigeria (SGBN). The exercise is in line with the terms of the Central Bank of Nigeria (CBN) approval of its banking licence to offer commercial banking services under a Regional Bank status.
In a statement signed by the Group Head, Corporate Affairs, Heritage Banking Company Ltd, Josephine Aligwekwe, the lender said as a preliminary step, the validation exercise for account holders of SGBN will last for four weeks.

Aligwekwe said that with the CBN approval secured, the bank is set to commence operations immediately in conformity with the terms of the licence. “As a first step, the statement said, Heritage Bank would commence from Tuesday, January 29, a four-week exercise aimed at validating the accounts held by customers of the old SGBN,” she said.
According to her, the letter conveying CBN’s approval for grant of Banking Licence to HBC titled, ’Re: Application for a Commercial Banking Licence with Regional Authorisation’ was dated December 27th, 2012 with reference number FPR/LAD/CON/HBC/02/062, and signed by the CBN Director of Financial Policy and Regulations, Chris O. Chukwu.
She advised all customers of SGBN to look out for announcements in the national dailies detailing the processes and procedures for the account validation exercise.
CBN spokesman, Ugochukwu Okoroafor, had earlier told The Nation that the bank has shown greater capacity to comeback and expressed the regulator’s willingness to work with it and facilitate its return to business.
“We will encourage the bank to return to business even if it entails granting it a credit line provided it meets specified terms,” he said. He said corporate governance in the banking system is improving, adding that the lenders will naturally fit into the system.
The operational licence of SGBN was withdrawn by the CBN in 2005 over poor liquidity challenges but was later returned in 2008.-TheNation

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