Heritage Bank which metamorphosed from the defunct Societe Generale Bank of Ngeria Plc has declared that its business plans would focus emphasis on the provision of industry specific solutions that would drive the growth of small and medium scale enterprises(SMEs)

The business strategy is anchored on projections that the ongoing privatization of crucial public enterprises would enthrone efficiency in the provision of key production factors that would inevitably translate to improved conditions for production.

LEADERSHIP Sunday   findings   show   that   vibrant   small   and medium   enterprises have proved to be the crucial engines of industrial growth in developing economies, accounting for over 60 percent of Gross Domestic Product in some thriving Asian economies.

Chairman of Heritage Bank, Chief Akinsola Akinfemiwa, stated at a business dinner in Lagos weekend that the bank was rising to fill critical gaps in the economy, stressing that the economy was still grossly under-banked; a situation, he blamed on fledgling industrial base.

He said that Nigeria would only realize its industrialization aspiration when banking solutions to SMEs provide market opportunities for innovative banks like Heritage in order to provide the needed financial services.

He said specialized banking services delivered by highly experienced professional and creative personnel have become highly needed to afford the key business sectors of the economy the right solutions for growth and development.

According to him, financial service providers have left gaps that would require fresh ideas, solution based strategies and specialized service packages to close.

He said Heritage Bank would afford businesses in the country financial solutions currently available in the banking industry, adding that the bank has evolved a different service culture from what was practiced by its progenitor even though, he pointed out, SGBN was the first to introduce automated teller machines (ATM) in the country when competitors were still skeptical.

He boasted that Heritage Bank would take innovative and technology based services in the banking industry to the next level, saying electronic platform would enable the bank weave transparency and integrity into it's service culture.

He observed that Nigeria's economy was rapidly growing at nine percent ahead of global rate of two percent, pointing out that financial service providers must focus on ability to provide unusual solutions to commerce and industry.

He said the successful privatization of the telecommunications and power sectors of the economy would ensure efficient power supplies to drive industry and commerce, adding that the expected explosion of small and medium scale enterprises provides huge market opportunities for the bank.