The Asset Management Corporation of Nigeria has 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, according to AMCON in a statement on Monday, follows the receipt of the necessary regulatory approvals from the Central Bank of Nigeria 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 consortium.
Sigma Golf Nigeria Limited and Riverbank Investment Resources, the corporation sated, were entities set up by local investors.
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, 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 licence of Bank PHB by the CBN. AMCON subsequently capitalised it and appointed a Board of Directors and executive management team to lead it. As of April 2016, Keystone Bank had a staff strength of 1,753 employees, network of 154 branches, nine cash centres and 315 Automated Teller Machines.