AMCON 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

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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.

Keystone Bank play

Keystone Bank banking hall

(Doyet Comm)

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.

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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.

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