At last succour is coming the way of depositors of Societe Generale Bank (SGBN) (Nig.) Ltd whose licence was revoked in 2006 by the Central Bank of Nigeria (CBN), as Heritage Bank which was recently granted approval by the apex bank to commence commercial banking operation in the country is set to begin immediate validation exercise for account holders of SGBN.

According to the terms of the CBN approval, Heritage Banking Company Ltd., which will trade as Heritage Bank, is to offer full commercial banking services under a regional bank status.

According to a statement signed by the Group Head, Corporate Affairs, Heritage Bank, Josephine Aligwekwe, with the secured CBN approval, the bank is set to commence operations immediately in conformity with the terms of the licence, adding that as a first step, the bank will commence a four-week exercise aimed at validating the accounts held by customers of the old SGBN from January 29.

"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", the statement said.

The letter conveying CBN's approval for grant of banking license to HBC entitled: 'Re: Application for a Commercial Banking License with Regional Authorization' was dated December 27, 2012 with reference number FPR/LAD/CON/HBC/02/062, and signed by the CBN Director of Financial Policy and Regulations, Chris Chukwu.

It is believed that the bank, whose licence was revoked six years ago by the apex bank under the leadership of Chukwuma Soludo, has returned as Heritage Bank.

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