AMCON sells keystone bank

The Asset Management Corporation of Nigeria (AMCON) has announced the sale of one of Nigeria’s commercial banks, Keystone Bank.

Keystone Bank was incorporated by the NDIC on August 3, 2011. Over 12 parties had shown interest to buy the bank since 2016.

In a statement signed by AMCON head of corporate communications, Jude Nwauzor, 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.”

As at April 2016, Keystone Bank had staff strength of 1,753 employees, network of 154 branches.