AMCON moves to sell Keystone bank

The Asset Management Corporation of Nigeria (AMCON) has said it is seeking investors to buy Keystone bank.

According to Reuters, AMCON said in a public notice it had decided to divest its 100 percent interest in the bank and ask prospective buyers to submit their bids by March 4.

AMCON appointed Citibank’s local unit and FBN Capital as financial advisers to manage the process, asking prospective investors to submit bids, showing evidence of credibility and eligibility for the transaction.

Nigeria nationalised three lenders, Afribank, Spring Bank and Bank PHB in 2011, while AMCON then recapitalised them and changed their names to Mainstreet Bank, Enterprise Bank and Keystone Bank. Two of the banks have since been sold.

Based on audited account as of June last year, Keystone bank has a total assets of about 317.6 billion naira ($1.60 billion), equity of 18.9 billion naira and a loan portfolio of about 98.2 billion naira.

By Dec. 31, the Bank had 156 branches across the country with four subsidiaries, of which two are international, AMCON said in the notice.