Monday, 27 March 2017

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
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
“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

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