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New investors take over Keystone Bank

By Editor
27 March 2017   |   4:40 am
The move followed their unveiling by Asset Management Corporation of Nigeria (AMCON), after the Completion Meeting held on Thursday, attended by the consortium (buyer), AMCON (seller), Board and Management of Keystone Bank.

The new investors in Keystone Bank- the Sigma Golf-Riverbank consortium, has taken over the operations of the institution at the weekend. The move followed their unveiling by Asset Management Corporation of Nigeria (AMCON), after the Completion Meeting held on Thursday, attended by the consortium (buyer), AMCON (seller), Board and Management of Keystone Bank.

Others were the advisers to the buyer (KPMG Professional Services, Boston Advisory Services, Giwa Osagie & Co., Pan-African Capital Limited, while the seller’s advisers were 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 institution 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 is expected to bring a new life in the bank 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.

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