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AMCON Sells Keystone Bank to Nigerian Consortium

The Assets Management Company of Nigeria (AMCON) says it has sold Keystone Bank to local investors. This announcement was made through a statement issued by the body on Monday.

Keystone bank, formerly known as the Platinum and Habib Bank (Bank PHB), was one of three banks that had been taken over by AMCON following the revocation of their licenses by the Central Bank of Nigeria (CBN) in 2009. Bank PHB had been granted license to operate under a new name- Keystone Bank- in August 2011.

According to the statement from AMCON, Keystone Bank has now been sold to a consortium comprising of Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited.

“The completion of the transaction is subject to the fulfillment of the conditions precedent as stated in the share, Sale and Purchase Agreement (SPA) executed between AMCON and the Sigma Golf-Riverbank consortium,” the statement read.

Keystone bank is the last of three nationalized banks to be sold by AMCON. It had earlier sold Mainstreet Bank to Skye Bank, and Enterprise Bank to Heritage Bank.

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Ikenna Nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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