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AMCON hands over Keystone Bank to new investors



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 immediately.

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 March 21, 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.

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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 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 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.

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  1. Balarabe musa

    March 27, 2017 at 8:42 am

    And so finally keystone bank is sold. And can we still affirm Atiku Abubakar is one of the key buyer of this bank? And will they change the name of the bank or how?

    • yanju omotodun

      March 27, 2017 at 9:22 am

      Atiku bought this bank and I will give my evidences soonest, the man bought indirectly and he is planning to use it for the purpose of 2019 general election.


    March 27, 2017 at 9:09 am

    But are people even using or patronising the bank like other banks that they are talking of repositioning it. I think we should even limit the numbers of Banks we have in Nigeria to probably 10 as long they will be efficient and effective. Selling banks and changing its name something makes no sense .see first bank, UBA, union bank are Banks who have proven to stand all test of time.

    • Agbor Chris

      March 27, 2017 at 11:50 am

      Banks like Keystone are used by politicians to swindle money. The banks will definitely have more ghost accounts used by politicians than real accounts used by citizens.

  3. Anita Kingsley

    March 27, 2017 at 11:44 am

    Very soon another investor (s) will buy Keystone bank from Sigma Golf-Riverbank Consortium. The bank is cursed, nothing productive can come out of it.

    • Joy Madu

      March 28, 2017 at 5:32 am

      Yes because they are thieves looking for who to collect there money in the name of investor at the end stories will come out of it.that is why nothing good will come out of there bank

  4. Animashaun Ayodeji

    March 27, 2017 at 11:54 am

    Many people will loose their jobs at the bank as soon as the new investors start the restructuring of the bank. If only they can be provided with alternatives, so they won’t seat at home watching television progarms, but this is Nigeria, no one cares if they loose their jobs

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