The Asset Management Corporation of Nigeria has announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium) as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited.
This according to a statement, follows the receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The completion of the Transaction is subject to the fulfillment of the conditions precedent as stated in the Share Sale and Purchase Agreement (“SPA”) executed between AMCON and the Sigma Golf – Riverbank consortium. The Sigma Golf – Riverbank consortium is comprised of: (i) Sigma Golf Nigeria Limited and (ii) Riverbank Investment Resources, which both are entities set up by local investors, according to the statement.
This process according to the statement, 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 and its affiliates and FBN Capital (Joint Financial Advisers), and Banwo & Ighodalo and Crosswrock Law (Joint Legal Advisers),” the statement said.
Keystone Bank was incorporated by the Nigeria Deposit Insurance Corporation (NDIC) on August 3, 2011. AMCON subsequently capitalized Keystone Bank and appointed a Board of Directors and Executive Management team to lead the Bank. As at April 2016, Keystone Bank had staff strength of 1,753 employees, network of 154 branches, 9 cash centres and 315 Automated Teller Machines.
