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