Heritage Bank is not in distress —CBN

The Central Bank of Nigeria (CBN) has assured customers of Heritage Bank that the lender is not in distress and as such depositors should go about their transactions without fear.

This follows social media reports insinuating that Heritage Bank is under financial distress and therefore unable to discharge its obligations to its depositors.

A press statement on Tuesday, signed by Mr Isaac Okorafor, Acting Director, Corporate Communications CBN, observed that the report is false and malicious.

The statement read in part “We wish to state that Heritage Bank is not in distress and as such its depositors should go about their transactions without fear.

“For the avoidance of doubt, we wish to further state that no Nigerian bank is in distress. The CBN, as the industry regulator, has a duty to depositors, in particular, and the economy, in general, to ensure the soundness of all financial institutions.

“We therefore wish to assure all depositors of the safety of their deposits.”

The CBN also stated that it will remain alive to its responsibility of ensuring banking system stability and soundness through constant monitoring and supervision of all licensed institutions.

“The Central Bank of Nigeria wishes to reiterate that the banking system remains resilient enough to weather the current economic storm,” it noted.

In a swift response, the management of Heritage Bank through a statement signed by Olusola Longe-Okenimkpe Divisional Head, Corporate Communications said the information being circulated about the institution with a misdirected intent to derail and misinform the banking public on its financial state is false.

“Whilst we acknowledge the challenging operating environment currently experienced in all sectors of the economy, Heritage Bank remains financially stable and has continued to discharge its obligations to all customers and stakeholders.

“This position is buttressed by the commendable results posted by the bank in the past financial year and the last three quarters of 2016, resulting in shareholder approvals to list its shares on the Nigerian Stock Exchange within one year of its business combination with the erstwhile Enterprise Bank Limited,” it stated.

The bank assures all customers and stakeholders of the safety of their deposits and financial transactions in line with its commitment to a strong service culture and sound corporate governance practice.