The Asset Management Corporation of Nigeria has announced
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, according to AMCON in a statement on Monday,
follows the receipt of the necessary regulatory approvals from the Central Bank
of Nigeria and the Securities and Exchange Commission.
The completion of the transaction is subject to the fulfilment of the
conditions precedent as stated in the Share Sale and Purchase Agreement
executed between AMCON and the consortium.
Sigma Golf Nigeria Limited and
Riverbank Investment Resources, the corporation sated, were entities set up by
local investors.
The process for the sale of the
bank 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), and Banwo & Ighodalo, and Crosswrock Law (joint legal
advisers).
Keystone Bank was incorporated by
the Nigerian Deposit Insurance Corporation on August 3, 2011 following the
revocation of the licence of Bank PHB by the CBN. AMCON subsequently
capitalised it and appointed a Board of Directors and executive management team
to lead it. As of April 2016, Keystone Bank had a staff strength of 1,753
employees, network of 154 branches, nine cash centres and 315 Automated Teller
Machines.
Punch
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