Keystone Bank repositions, assures stakeholders of better performance

In a statement on Sunday in Lagos, Keystone Bank said that the Asset Management Corporation (AMCON) has handed over the bank to its new investors.

According to the statement, the new investors which started taking control of bank on March 24, was set to reposition the bank for a better performance with immediate effect.

The News Agency of Nigeria (NAN) recalls that AMCON on Tuesday, March 22, announced that Sigma Golf-Riverbank Consortium had acquired Keystone Bank Limited.

According to AMCON, completion meeting was held on Thursday, March 23, 2017 between representatives of Sigma Golf-Riverbank consortium and AMCON.

Others present were the Board and Management of Keystone Bank, as well as advisers to the buyer such as KPMG Professional Services, Boston Advisory Services, Giwa Osagie & Company and Pan-African Capital Limited.

On the part of the seller were FBN Capital Limited, Citibank Nigeria Limited, Banwo & Ighodalo and CrosswrockLaw.

“The completion meeting signifies the effective hand-over of the bank to the buyer.

“That the commencement of a transition process will culminate in the reconstitution of the Board and Management of the bank to reflect the new ownership.

“The emergence of the Sigma Golf-Riverbank consortium will bring a new lease of life with the expected injection of fresh capital,’’ the statement said.

It added that this would allow the bank to play competitively in the banking industry and actualise 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,” the bank said.

NAN recalls that Keystone Bank has been managed by the AMCON since it took over the bank in 2011.

It 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. (NAN)