ADVERTISEMENT

Organisation set to sell Keystone Bank

This is coming a year after the corporation had sold Mainstreet Bank Limited to Skye Bank Plc, and Enterprise Bank Limited to Heritage Bank

AMCON

The Asset Management Corporation of Nigeria on Monday said it is looking for prospective investors as it seekd to sell Keystone Bank Limited.

This is coming a year after the corporation had sold Mainstreet Bank Limited to Skye Bank Plc, and Enterprise Bank Limited to Heritage Bank.

In  2011, the Federal Government had nationalised Afribank Plc, Spring Bank Plc and Bank PHB and changed their names to Mainstreet Bank, Enterprise Bank and Keystone Bank, respectively.

ADVERTISEMENT

AMCON announced in a public statement that it had decided to divest its 100 per cent interest in the bank and asked prospective buyers to submit their bids by March 4, 2015.

Citibank Nigeria and FBN Capital are the financial advisers handling the Keystone Bank sale process.

According to a Reuters report, Based on audited account as of June last year, Keystone Bank has total assets of N317.6bn ($1.60bn), equity of N18.9bn and a loan portfolio of N98.2bn.

Sterling Bank Plc also told Reuters on Friday it was aiming to buy one or two mid-sized commercial lenders as sharp falls in the value of the naira and increased regulatory pressure were forcing banks to recapitalise, so this might be an option for them.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

You make bold decisions & live with consequences - Ondo Gov hails Tinubu at 72

You make bold decisions & live with consequences - Ondo Gov hails Tinubu at 72

170 electrical vandalism cases in 2 years, 100 charged to court - EEDC

170 electrical vandalism cases in 2 years, 100 charged to court - EEDC

Dr Bello appointed chairman of Code of Conduct Bureau (CCB) by Tinubu

Dr Bello appointed chairman of Code of Conduct Bureau (CCB) by Tinubu

Don't curse, condemn Nigeria in your sermons - Tinubu tells clerics

Don't curse, condemn Nigeria in your sermons - Tinubu tells clerics

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Wike thanks Tinubu for the opportunity to serve

Wike thanks Tinubu for the opportunity to serve

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT