Finally, AMCON sells Keystone Bank
The Asset Management Corporation of Nigeria (AMCON) has announced the sale of Keystone Bank, one of Nigeria’s commercial banks. AMCON said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium).
The bank, formerly known as Bank PHB, is the last of three nationalised banks to be sold, the other two being Mainstreet Bank and Enterprise Bank.
In a statement signed by Jude Nwauzor, AMCON head of corporate communications, the bad debt bank said it “is pleased to announce Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium) as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited”.
The bank, formerly known as Bank PHB, is the last of three nationalised banks to be sold, the other two being Mainstreet Bank and Enterprise Bank.
In a statement signed by Jude Nwauzor, AMCON head of corporate communications, the bad debt bank said it “is pleased to announce Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium) as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited”.
“This follows the
receipt of the necessary regulatory approvals from the Central Bank of Nigeria
(CBN) and the Securities and Exchange Commission (SEC).
“The completion of
the Transaction is subject to the fulfillment of the conditions precedent as
stated in the Share Sale and Purchase Agreement (SPA) executed between
AMCON and the Sigma Golf – Riverbank consortium.”
AMCON said The
Sigma Golf – Riverbank consortium is made up of Sigma Golf Nigeria Limited and
Riverbank Investment Resources, which both are entities set up by local
investors.
The sale of the
bank has been on the cards since 2016, via a process started with interest
shown by more than 12 parties cutting across local and international investors.
AMCON said the
emergence of the Sigma Golf – Riverbank consortium resulted from a rigorous and
competitive bidding process, which was coordinated for AMCON by Citibank
Nigeria Limited and its affiliates and FBN Capital (Joint Financial Advisers),
and Banwo & Ighodalo and Crosswrock Law (Joint Legal Advisers).
Keystone Bank was
incorporated by the NDIC on August 3, 2011.
AMCON subsequently
capitalized Keystone Bank and appointed a Board of Directors and Executive
Management team to lead the Bank.
As at April 2016,
Keystone Bank had staff strength of 1,753 employees, network of 154 branches, 9
cash centres and 315 automated teller machines.
The Cable
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