By Amaka Ifeakandu Lagos
Th e new investors have taken over full control of Keystone Bank. Th e new management which took over last Friday are set to reposition the bank on a growth path with immediate eff ect. Th is follows the announcement by the Asset Management Corporation (AMCON) on Tuesday 21stMarch 2017 that the Sigma Golf-Riverbank consortium had acquired Keystone Bank Limited.
Th e Completion Board Meeting according to a statement from Keystone Bank, was held on Th ursday, 23rd March 2017 with representatives of Sigma Golf-Riverbank consortium (the Buyer), AMCON (the Seller), Board and Management of Keystone Bank, as well as 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). Th e Completion Meeting signifi ed the eff ective 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 refl ect the new ownership. Keystone Bank was taken over by AMCON in 2011 and has been managed by board appointed by AMCON and Management that stabilized 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.
Th e emergence of the Sigma Golf-Riverbank consortium will bring a new lease of life with the expected injection of fresh capital that would position the bank to play competitively in the banking industry and actualize its full potentials. In moving the bank forward as a major player in the industry, the new investors will be backed up by a pool of reputable professionals both currently within the bank and across the industry.
