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Heritage Bank Nigeria has sustained the verification exercise to revalidate account holders of the former Societe Generale Bank, more than six months after the commencement of the exercise. Heritage Bank acquired the banking license of the defunct SGBN, as well as its deposit liabilities. The bank promised to settle depositors of the former bank and for this purpose conducted an exercise to revalidate its account holders. Managing Director/Chief Executive, Heritage Bank, Mr Ifie Sekibo said, “The exercise is on-going. The aim is to possibly pay all customers of SGBN who came to participate in the exercise through issuance of cheques to them at the validation centres immediately their accounts are successfully validated. “The exercise is in two parts, namely verification of accounts and instant issuance of payment cheques for those who prefer to collect the balances in their accounts. Owners of successfully validated accounts also have the option of retaining such with the new Heritage Bank. So far we have recorded significant success in the exercise, with most of the SGBN account holders verified choosing to retain their accounts and bank with us rather than collecting their money.” Prior to its commencement, Heritage Bank appointed four banks, using some of their branches as centers for the verification exercise. But now, the exercise is done in the branches of Heritage Bank.

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This article was first published on 15th July 2013

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