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New joint consortium takes charge at Keystone Bank, assures early return to profitability

New owners of Keystone Bank Limited, Sigma Golf-Riverbank consortium have taken full possession at the bank and assured that their key duty now is to raise public confidence and quickly return the bank to profitability.

The Asset Management Corporation of Nigeria (AMCON), weekend did the handover to the twin investors, Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited.

AMCON said the Sigma Golf-Riverbank consortium emerged as the preferred bidders after the bidding process.In a statement, the bank said the completion meeting was held last Thursday with representatives of Sigma Golf-Riverbank consortium, AMCON, the board and management of Keystone Bank, the advisers to the buyer (KPMG Professional Services, Boston Advisory Services, Giwa Osagie & Co., and Pan-African Capital Limited), as well as those of the seller (FBN Capital Limited, Citibank Nigeria Limited, Banwo & Ighodalo, and CrosswrockLaw).

The completion meeting signified the effective handover 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.

Business Hilights recalls that Keystone Bank was taken over by AMCON in 2011 and was until the sale managed by the AMCON appointed board and management that stabilised the bank to make it attractive as a potential target for eventual acquisition by the investors.

The statement said in parts; “The 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 space and actualise its full potential”.

“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,” it concluded.

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