Business

AMCON Names Keystone Bank Buyers

  • AMCON Names Keystone Bank Buyers

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.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

Nigeria’s Energy Sector Received $6.7 Billion Investment In 2024 – FG 

The Federal Government has revealed that Nigeria’s energy sector received a total investment of $6.7…

12 seconds ago

UK Tightens Grip on Apple and Google With Antitrust Investigations into iOS and Android

The UK’s Competition and Markets Authority (CMA) has launched antitrust investigations into Apple Inc. and…

24 minutes ago

Nigeria Nears 1.5 Million-Barrel OPEC+ Quota as Output Climbs Amid Security Gains

Africa’s largest crude oil producer, Nigeria, oil production is nearing its 1.5 million-barrel-per-day (bpd) quota…

2 hours ago

Oando Secures Operatorship of Angola’s Block KON 13 in Strategic Expansion Move

Oando PLC, Africa’s leading indigenous energy solutions provider, has secured the operatorship of Block KON…

4 hours ago

Pounds to Naira Black Market Exchange Rate Today, 23rd January 2025

The pounds to naira exchange rate continues to be a critical topic in Nigeria’s financial…

5 hours ago

Dollar to Naira Black Market Exchange Rate Today, 23rd January 2025

The dollar to naira exchange rate continues to be a focal point in Nigeria's financial…

5 hours ago