Societe Generale Bank (SGBN) To Resume Operations In First Quarter

societe_generale-420x314The number of banks in Nigeria is set to swell again as Societe Generale Bank of Ngeria, SGBN, makes a grand return to the scene after its licence was revoked in 2006 but was restored by court judgement in 2009.

The bank, which now has its major shareholders as Industrial and General Insurance (IGI Plc), as well as the Saraki family, will operate under a new name – Heritage Bank of Nigeria with full commercial operations scheduled to commence in the first quarter of 2013 as a regional bank duly licensed by the Central Bank of Nigeria (CBN).

The correspondence which granted the CBN’s approval for Banking Licence to HBC entitled ’Re: Application for a Commercial Banking Licence with Regional Authorisation’ was dated December 27, 2012 with reference number FPR/LAD/CON/HBC/02/062, and signed by CBN’s director of financial policy and regulations, Chris O. Chukwu.

The bank in a statement signed by Josephine Aligwekwe, head of its Corporate Communications, disclosed that upon resumption of banking activities, a month long account validation for old customers of the bank would commence.

The statement said, “All customers of the former Societe Generale Bank (Nig.) Ltd. are advised to look out for announcements in the national dailies detailing the processes and procedures for the account validation exercise.”