Heritage Bank reassures customers as concern mounts

<p>A university don, Prof. Uche Uwaleke, said that only the CBN wss in a position to declare the financial soundness or otherwise of any bank.</p>, <span>Heritage Bank reassures customers as concern mounts. Nairametrics</span>, <h2>Amidst concerns by bank customers about the financial state of Heritage Bank, one of Nigeria’s Deposit Money Banks (DMBs), the bank says all is well.</h2>, <p>According to a recent statement by Ozena Utulu, its Corporate Communication Manager, Heritage Bank said it has embarked on long-term sustainability plans premised on restructuring the bank, ensuring cost efficiency, and management of its assets.</p>, <p>It, however, confirmed reports that it had reduced its workforce, adding that the staff affected had been duly compensated.</p>, <p>The News Agency of Nigeria (NAN) reports that news about Heritage Bank going under has been rife over the years.</p>, <p>This prompted the Central Bank of Nigeria (CBN) to reassure Nigerians sometime ago that the bank was not distressed.</p>, <p>In its last Monetary Policy Committee meeting in July, the apex bank had pointed out that there was relative stability in key financial soundness indicators and resilience of Nigerian banks.</p>, <p>However, some customers of Heritage Bank, who still struggle with poor customer service, delayed transfers, inability to move depositor funds and failure of the bank’s apps continue to express concern.</p>, <p>Meanwhile, a financial expert, Godwin Unegbu, said that most Nigerian banks faced challenges due to certain unethical practices.</p>, <p>Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), said that Heritage Bank inherited the liabilities of the several distressed banks it had acquired.</p>, <p>“Most of those banks had their own baggage which were accumulated through bad debt.</p>, <p>“When Nigerians borrow from the banks, they think that the money is national cake. They are always reluctant to pay back and that has been part of the problems of the banks.</p>, <p>“All the banks h