African Export Import Bank, Afreximbank has provided a $150 million support facility for Heritage Bank Limited, just after the lender wrapped up a business combination with Enterprise Bank, The Nation reports.
In a statement to announce this development, 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.
