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The story of Heritage Bank can be likened to the idiom of the old wine in a new bottle, an already existing establishment offered as if it were a new one, Daily Trust Saturday reports.

It is the story of how Societe Generale Bank of Nigeria (SGBN), re-commenced operation on January 29, 2013, but this time as Heritage Bank.

SGBN, founded by the late Dr Olusola Saraki, was arguably one of Nigeria’s biggest banks, with over 140 branches spread across major cities in the country at a time.

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The influential Saraki family, now headed by Senator Bukola Saraki, former Senate president and a former governor of Kwara State, would no longer be in dominating control of the bank.

In the resurrected SGBN, International Energy Insurance (IEI) had acquired a major stake, with the Saraki family also retaining a 10 per cent shareholding, but with no principal control.

As of September 2013, the bank’s stock was publicly owned by the following corporate entities and individuals: Herit