The African Export-Import Bank (Afreximbank) has signed a $272 million facility amounting to 80% of Heritage Banks $344 million takeover of Enterprise Bank.
Afreximbank served as the sole lead arranger.
Heritage Bank has paid the other 20% of the $344 million bid it won to take over Enterprise Bank.
“This deal, by all measures, will be one of the largest mergers and acquisitions deals in Nigeria, helping the Nigerian government stabilise its financial sector and create a better path for other African nations to follow,” said Afreximbank President Jean-Louis Ekra.
Heritage Bank will acquire Enterprise Bank from the Assets Management Corporation of Nigeria (AMCON), which took over the bank and other troubled Nigerian banks following solvency challenges.