Heritage Banking Company Limited – Reviews and Ratings

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Full Review

Heritage Banking Company Limited (HBCL), is also known as Heritage Bank Plc., but often referred to as Heritage Bank, it is one of the commercial banks licensed by the Central Bank of Nigeria in Nigeria.

The bank traces its roots to the late 1980s, when it was founded as Societe Generale Bank (Nigeria) (SGBN), by the late Dr. Olusola Saraki. In January 2006, the Central Bank closed down SGBN on account of failure to meet new minimum capital requirements of US$155 million (NGN 25 billion) for a National bank. The bank re-branded as Heritage Banking Company Limited and reopened for business under the new name on 4 March 2013.

HBCL is a large financial services provider in Nigeria. Currently licensed as a Regional Bank, it offers banking and financial services in the country, excluding the South, Southeast and the North. As of March 2013, the total asset valuation of the bank was estimated at about US$192 million (NGN 31 billion), with a shareholders’ equity that worth at least US$62 million (NGN 10 billion), the minimum capital requirement by the Central Bank of Nigeria (CBN), for regional banks.

The bank’s business model is organized into four functional groups:

  • Ivory Banking Group – Offers personal banking, wealth management, e-banking
  • Cowry Banking Group – Targeted towards individuals, schools, religious organizations, professional associations, corporate firms and SMEs seeking financial management advice.
  • Manilla Banking Group – Offers corporate and commercial services, including export/import services and facilitation of international corporate finance.
  • Coral Banking Group – Offers public sector financial services, including: (a) checking account services, (b) revenue collection services, (c) funds management and (d) project financing.

Heritage Banking Company Limited has the vision of “of being a tenacious team, committed to delivering distinctive financial services, building on a legacy of innovation and partnership to create, preserve and transfer wealth across generations” and the mission “to create value for all stakeholders using superior market knowledge, operational excellence and a culture of integrity.” They have core values represented by SPRIITE – Service, Performance, Respect, Integrity, Innovation, Tenacity, and Excellence.

Quick Review

Type:                    Private

Industry:             Financial Services

Founded:            1989

Headquarters:  292B Ajose Adeogun Street,Victoria Island, Lagos, Nigeria

Products:            Banking and Financial Services

Total assets:      US$192+ million (NGN:31 billion) (March 2013)

Website:              www.hbng.com

Email:                  info@hbng.com, experience@hbng.com

Contact:               +234 1 236 9000,0700HERITAGE

 

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Categories: Bank Reviews