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”.
“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.
-The Cable
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