The Asset Management Corporation of Nigeria (AMCON) has announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf-Riverbank Consortium), as the new investors of Keystone Bank, formerly known as Bank PHB.
AMCON said the announcement was in relation to the acquisition of the entire issued and fully paid up ordinary shares of the bank. But this announcement came amid controversies surrounding the sale of the bank, with AMCON alleged to be acting in breach of extant takeover provisions.
This, AMCON said, follows the receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The completion of the transaction is subject to the fulfilment of the conditions precedent as stated in the Share Sale and Purchase Agreement executed between AMCON and the consortium, the corporation added.