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”.

“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.”

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.

Source: TheCable