AMCON Sells Keystone Bank
The Asset Management Corporation of Nigeria (AMCON) on Monday announced the sale of one of Nigeria’s commercial banks, Keystone Bank Limited, formerly Bank PHB Plc.
According to AMCON, the bank was acquired by Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium).
Keystone is last of the three nationalised banks to be sold, after Mainstreet Bank and Enterprise Bank.
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AMCON in a statement signed by Jude Nwauzor, Head of Corporate Communications, said the acquisition followed the receipt of the regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
With two international units, Keystone Bank’s asset are estimated at N318 billion. It has two international units.
“The Asset Management Corporation of Nigeria 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 statement read.
The statement added that the completion of the transaction was subject to the fulfillment of the conditions precedent as stated in the Share Sale and Purchase Agreement executed between AMCON and the Sigma Golf – Riverbank consortium.
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“This follows the receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
“This process started with interest shown by 18 parties cutting across local and international investors. 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).
“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. As at April 2016, the money deposit bank had staff strength of 1,753 employees, network of 154 branches, 9 cash centres and 315 Automated Teller Machines.
