AMCON UNVEILS SIGMA GOLF, RIVERBANK AS NEW OWNERS OF KEYSTONE BANK

VICTORIA ISLAND, Lagos – The Asset Management Corporation of Nigeria (AMCON) has unveiled the new owners of Keystone Bank. According to AMCON, the new owners are a consortium of local investors made up of Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited.

AMCON said the new beneficiaries emerged preferred bidder after the acquisition of the bank’s shares and the mandatory regulatory approvals from the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC).

It added that the completion of the transaction was now subject to the fulfillment of the conditions in the Sales and Purchase Agreement (SPA) executed between the bad debt company and the consortium.

AMCON said the process leading to the acquisition started with interest shown by 18 parties cutting across local and international investors.




“The emergence of the Sigma Golf-Riverbank consortium resulted from a rigorous and competitive bidding process, which was coordinated for AMCON by Citibank Nigeria Limited, its affiliates and FBN Capital (Joint Financial Advisers) as well as Banwo & Ighodalo and Crosswrock Law (Joint Legal Advisers),” ANCON said.