Heritage Bank not in distress, says CBN

Heritage Bank is not in distress, the Central Bnak of Nigeria (CBN) Acting Director, Corporate Communications, Isaac Okorafor, declared on Tuesday.
  An online publication had alleged that Heritage Bank Limited is unable to meet its customers’ immediate withdrawal requests, adding that the Bank is facing infighting at the board level.
  But, Okorafor in the statement said:“The attention of the Central Bank of Nigeria (CBN) has been drawn to false and malicious stories on the social media insinuating that Heritage Bank is under financial distress and therefore unable to discharge its obligations to its depositors.
“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 wishes to state 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”.
   In a related development, Heritage Bank in a statement said: “Heritage Bank wishes to categorically refute this false information being circulated about the institution with a misdirected intent to derail and misinform the banking public on its financial state.
 “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.
“The Bank wishes to assure all customers and stakeholders of the safety of their deposits and financial transactions in line with our commitment to a strong service culture and sound corporate governance practice”.