by Azeez Adeniyi
The Asset Management Corporation of Nigeria (AMCON) has announced the sale of Keystone Bank, one of Nigeria’s commercial banks.
In a statement signed by Jude Nwauzor, AMCON head of corporate communications, it said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium).
Nwauzor said AMCON “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.”
Over 12 parties had shown interest to buy the bank since 2016.
As at April 2016, Keystone Bank had staff strength of 1,753 employees, network of 154 branches.
Keystone Bank was incorporated by the NDIC on August 3, 2011.