Keystone Bank get new owners

The Asset Management Corporation of Nigeria (AMCON) has sold Keystone Bank Limited, the last of the three nationalized banks to a consortium of local investors; Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited.

This is coming exactly one year after Sterling Bank ended similar talks to buy  Keystone Bank after concluding that the strategic fit was not strong enough. AMCON said the new beneficiaries emerged preferred bidder after the acquisition of the bank’s shares and the mandatory  regulatory approvals from the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC).

The Corporation however added that the completion of the transaction was now subject to the fulfillment of the conditions in the Sales and Purchase Agreement (SPA) executed between the bad debt company and the consortium.

The corporation said the process leading to the acquisition 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, its affiliates and FBN Capital (Joint Financial Advisers) as well as Banwo & Ighodalo and Crosswrock Law (Joint Legal Advisers).”

Source: Businessnews