AMCON Sells off Keystone Bank to Sigma Golf/Riverbank Consortium

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The Asset Management Corporation of Nigeria (AMCON), Nigeria’s Bad Bank has bundled off Keystone Bank also formerly known as Bank PHB, one of Nigeria’s commercial banks to the consortium of Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium) both owned by local investors.

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

According to AMCON Sigma Golf – Riverbank consortium emerged from a rigorous and competitive bidding process, which was coordinated for AMCON by Citibank Nigeria Limited and its affiliates and FBN Capital (Joint Financial Advisers), and Banwo & Ighodalo and Crosswrock Law (Joint Legal Advisers).

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