Keystone Bank, one of Nigeria’s commercial banks which was incorporated by the NDIC on August 3, 2011 has been sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium).
The Sigma Golf – Riverbank consortium is made up of Sigma Golf Nigeria Limited and Riverbank Investment Resources, which are both entities set up by local investors.
This new development was announced by the Asset Management Corporation of Nigeria (AMCON).
Keystone bank, which was formerly known as Bank PHB, is the last out of three nationalised banks to be sold, the other two being Mainstreet Bank and Enterprise Bank.
As at April 2016, Keystone Bank had 1,753 employees, 154 branches, 315 automated teller machines and 9 cash centres.
More than 12 parties ranging from local to international investors had been interested in buying the bank since 2016 after which AMCON subsequently capitalized t Bank the and appointed an Executive Management team and Board of Directors to lead the Bank.
According to the statement released and signed by AMCON, Citibank Nigeria Limited and its affiliates, as well as Joint financial advisers and joint legal advisers coordinated bidding process
This led to the emergence of the Sigma Golf – Riverbank consortium being the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited.
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 fulfilment of the conditions precedent as stated in the Share Sale and Purchase Agreement (SPA) executed between AMCON and the Sigma Golf – Riverbank consortium.”