AMCON ‘Finally’ Sells Keystone Bank For N25bn

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The Asset Management Corporation of Nigeria (AMCON) has announced the sale of Keystone Bank - the last amongst the batch of banks

The Asset Management Corporation of Nigeria (AMCON) has announced the sale of Keystone Bank – the last amongst the batch of banks acquired by Central Bank of Nigeria, under the leadership of Sanusi Lamido Sanusi, in 2009.

In a statement issued on Monday, AMCON said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium).

Th sale followed the receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

In the statement, AMCON further explained that the completion of the transaction was subject to the fulfilment of the conditions precedent as stated in the Share Sale and Purchase Agreement (SPA) executed between AMCON and the Sigma Golf-Riverbank consortium.

The statement released by AMCON’s head of corporate communications, Jude Nwauzor, said they were “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.”

However, THISDAY reports that the bank – valued at almost N4 billion – was sold to the Sigma Golf-Riverbank consortium for N25 billion ($81.5 million), while the reserve bidder offered N13 billion ($42.4 million) for Keystone Bank.

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.

Datboyjerry

Datboyjerry

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