Connect with us

Hi, what are you looking for?

Magazine

Afreximbank provides $150 Million Funding Support for Heritage Bank Limited

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

In a statement 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.”

__________________________________________________________________
Sponsored Content 

You May Also Like

Politics

Three commissioners from Kenya’s election board announced their resignation from the body on Monday, citing failure of the body’s leadership and dysfunction in the...

News

Quartz Africa  MUCH like her mother would have at activists’ funerals during the apartheid era, Zenani Mandela-Dlamini allowed her righteous anger to lead her tribute...

Sports

No fewer than 6,600, athletes and team officials from 71 countries are expected to take part in 275 events at the 21st Commonwealth Games...

News

South Africa has recalled its ambassador to Israel following a bloody crackdown on Palestinian protesters by Israel forces that left at least 55 dead...