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Finally, AMCON Sells Keystone Bank

Posted by George on Tue 21st Mar, 2017 - tori.ng

AMCON has finally sold the cash-trapped Keystone Bank to a consortium after issues of financial distress and heavy debts.

The Asset Management Corporation of Nigeria (AMCON) on Monday announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf-Riverbank consortium) as the new investors that have acquired the entire issued and fully paid up ordinary shares of Keystone Bank Limited, formerly Bank PHB Plc.

This followed the receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

AMCON in a statement on Monday explained that the completion of the transaction was 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.