MD of Heritage bank, Ifie Sekibo has shed more light on why the bank is supporting Oyo state government in its bid to raise a N50 billion healthcare endowment fund. According to him Oyo state is a key customer for the bank, and it was keen on maintaining the cordial relationship between both parties. Heritage bank plans to rehabilitate and expand a health and maternity centre at the state’s teaching hospital.
Besides the positive publicity for its brand, Heritage stands to make money. The bank could be one of several in which contributions to the fund will be domiciled. That gives Heritage, access to deposits that could eventually run into billions of Naira. Tier 2 banks like Heritage have had to offer higher deposit rates as consumers have turned to treasury bills and savings bonds for better returns. The lower a bank’s cost of funds, the higher the the profits it will make from giving loans.
Heritage Bank, has it roots in the defunct Societe Generale bank which was founded by Dr Olusola Saraki. Following its failure to meet the N25 capitalization requirements, the Central Bank of Nigeria (CBN) withdrew its operating licence. The bank took the CBN to court, and after a prolonged battle the apex bank restored its operational licence. The bank rebranded as Heritage bank, and reopened for business in March 2013. In October 2014, Heritage bank won the Asset Management Company of Nigeria (AMCON) bid for Enterprise bank.
One of my favorite banks. I think Ifie Sekibo is doing a good job. https://www.naijacynth.com/2017/01/echoes-of-achievements-of-ifie-sekibo.html