AMCON Seeks Investors for Keystone Bank

      The Asset Management Corporation of Nigeria (AMCON) who owns majority shareholding in Keystone bank has invited prospective investors for the acquisition of its shares in the bank. AMCON announced yesterday that it was seeking prospective investors to buy Keystone Bank.

      According to report ,Citibank Nigeria Limited and FBN Capital Limited  are appointed as financial advisers and Banwo & Ighodalo and Crosswrock Law as legal advisers on the divestment.

   

     The audited financial statement of the bank as at June 30, 2015 shows total assets value as N317.6 billion, customer loans  stood at N98.2 billion, customer deposits at N245 billion and total equity at N18.9 billion.Keystone Bank had four operational subsidiaries of which two are international; and a distribution network of 156 branches, 22 cash centres and 306 ATMs.

      Interested buyers were requested to indicate their interest by submitting an Expression of Interest (EOI) with documents such as description of acquiring entity or vehicle with evidence of registration or incorporation; ownership of the acquiring entity or vehicle, identifying all shareholders with a five per cent or more stake; and strategic rationale for the acquisition of Keystone Bank Limited.The submissions of EOI are expected to be sent not later than March 4, 2016.

     The Managing Director of AMCON, Mr. Ahmed Kuru revealed that the sale of Keystone Bank Limited would be completed in the next five months.