Sigma Golf-Riverbank takes over Keystone Bank


Sigma Golf-Riverbank takes over Keystone Bank

The new owners of Keystone Bank Limited at the weekend took over possession of the entity from the Asset Management Corporation (AMCON).

The new investors, Sigma Golf-Riverbank consortium said they were set to reposition the bank on a path of growth.

The Asset Management Corporation (AMCON) last Tuesday announced the consortium as new owners of the bank

The Completion Meeting according to a statement from Keystone Bank, was held last Thursdaywith representatives of Sigma Golf-Riverbank consortium (the Buyer), AMCON (the Seller), Board and Management of Keystone Bank, and the advisers to the Buyer (KPMG Professional Services, Boston Advisory Services, Giwa Osagie & Co., Pan-African Capital Limited) and the Seller (FBN Capital Limited, Citibank Nigeria Limited, Banwo & Ighodalo, CrosswrockLaw).

The Completion Meeting signified the effective hand-over 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.

Keystone Bank was taken over by AMCON in 2011 and has been managed by the AMCON-appointed Board and Management that stabilised the bank over the years to make it attractive as a potential target for eventual acquisition by the new investors, who emerged as preferred bidders after a very transparent and competitive bidding process.

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