AMCON Completes Hand over of Keystone Bank

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keystone bankSigma Golf-Riverbank consortium has acquired Keystone Bank Limited from the Asset Management Corporation of Nigeria (AMCON), at the weekend taking control of the financial institution.

The completion meeting, according to a statement from Keystone Bank, was held last Thursday with representatives of Sigma Golf-Riverbank consortium, AMCON, the board and management of Keystone Bank, the advisers to the buyer (KPMG Professional Services, Boston Advisory Services, Giwa Osagie & Co., and Pan-African Capital Limited), as well as those of the seller (FBN Capital Limited, Citibank Nigeria Limited, Banwo & Ighodalo, and CrosswrockLaw).

The meeting signified the effective handover 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.

However, the new investors have pledged to reposition the bank on a growth path with immediate effect even as AMCON recently announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited as the new owners of the bank.

Keystone Bank was taken over by AMCON in 2011 and was until the sale managed by the AMCON appointed board and management that stabilised the bank to make it attractive as a potential target for eventual acquisition by the investors.

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