AMCON sells off Keystone Bank

AMCON sells off Keystone Bank

The Asset Management Company of Nigeria (AMCON) has announced the sales of Keystone Bank Limited, which was the last among the batch of banks acquired by Central Bank of Nigeria (CBN) under Sanusi Lamido Sanusi in 2009.

AMCON sells off Keystone Bank

AMCON sold the bank on Tuesday after an eight-year battle with its former owners

Keystone Bank, formerly Bank PHB, was sold after an eight-year battle with its former owners.

The announcement is reportedly causing panic among customers of the bank.

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Vanguard reports that a statement by AMCON shows that bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium).

Signed by Jude Nwauzor, AMCON’s head of corporate communications, the statement said: “It is pleased to announce 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.

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“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.”

Source: Naij.com

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