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AMCON Hands Over Keystone Bank to New Investors

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…lender set to reposition 

By: Akin Akinremi

Effective Friday 24th March 2017, the new investors took control of Keystone Bank and are set to reposition the bank on a growth path with immediate effect.

This follows the announcement by the Asset Management Corporation (AMCON) on Tuesday 21stMarch 2017 that the Sigma Golf-Riverbank consortium had acquired Keystone Bank Limited.

The Completion Meeting according to a statement from Keystone Bank, was held on Thursday, 23rd March 2017 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 was taken over by AMCON in 2011 and has been managed by the AMCON appointed Board and Management that stabilized the bank over the years to make it attractive as a potential target for eventual acquisition by the new investors, who emerged as preferred bidders after a very transparent and competitive bidding process.

The emergence of the Sigma Golf-Riverbank consortium will bring a new lease of life with the expected injection of fresh capital that would position the bank to play competitively in the banking 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.

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