AMCON hands over Keystone Bank to new investors

Following the sale of Keystone Bank to Sigma

Golf-Riverbank Consortium by the Asset

Management Corporation of Nigeria (AMCON),

the new investors have finally taken

possession with a view to repositioning the

bank immediately.



A statement from the bank said the handover

took place last Friday after the Completion

Board Meeting to consummate the acquisition

and pave way for the takeover was held the

previous day (Thursday) with representatives

of Sigma Golf-Riverbank Consortium (the

Buyer), AMCON (the Seller), Board and

Management of Keystone Bank as well as the

advisers to the buyer (KPMG Professional

Services, Boston Advisory Services, Giwa

Osagie & Co., Pan-African Capital Limited) and

the Seller (FBN Capital Limited, Citibank

Nigeria Limited, Banwo & Ighodalo,

CrosswrockLaw).



Recall that AMCON had announced on Tuesday

21stMarch 2017 that Sigma Golf-Riverbank

Consortium had acquired Keystone Bank

Limited. The Completion Meeting signified the

effective hand-over of the bank to the buyer

and the commencement of a transition

process that will culminate in the

reconstitution of the Board and Management

of the bank to reflect the new ownership.

Keystone Bank, formerly Bank PHB, was taken

over by AMCON in 2011 and has been

managed by the AMCON-appointed board and

management which stabilised the bank over

the years to make it attractive as potential

new investors, who emerged as preferred

bidders after a very transparent and

competitive bidding process.



Analysts believe that the emergence of the

Sigma Golf-Riverbank Consortium will bring a

new lease of life to Keystone Bank with the

expected injection of fresh capital that would

position the bank to play competitively in the

industry and actualize its full potentials.



"In moving the bank forward as a major

player in the industry, the new investors

will be backed up by a pool of reputable

professionals both currently within the

bank and across the industry.



"Keystone Bank, therefore, assures all

its stakeholders that the transition

process will reposition the bank to serve

its customers better, creating enhanced

value for all stakeholders", the

statement added.