AMCON hands over Keystone Bank to ‘veiled investors’

The Asset Management Corporation of Nigeria (AMCON) has handed over Keystone Bank to Sigma Golf-Riverbank Consortium, the new investors who acquired the bank about a week ago.

The backers of the Sigma Golf-Riverbank Consortium, who acquired with a view to repositioning the bank, remain largely unknown.

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)”.

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 give the bank a fresh shot at a new lease of life.

“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 industry.

“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 added.