The Asset Management Company of Nigeria has announced that Keystone Bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium) for N25 billion.
Head of Corporate Communications, AMCON, Mr. Jude Nwauzor, said “I am pleased to announce that the Sigma Golf – Riverbank consortium as the new investors in relation to the acquisition of the entire issued has fully paid up for the ordinary shares of Keystone Bank Limited.
“This follows the receipt of the necessary regulatory approvals from the Central Bank of Nigeri 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 Sigma Golf – Riverbank consortium.”
Sigma Golf Nigeria Limited and Riverbank Investment Resources, the corporation stated, were entities set up by local investors, adding that 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 and 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 license of Bank PHB by the CBN.6
