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Nairaland Forum / Nairaland / General / Business / Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira (29951 Views)
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Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by ariesbull: 10:17am On Mar 23, 2017 |
Keystone Bank Limited, one of the banks acquired by Central Bank of Nigeria under the leadership of Sanusi Lamido Sanusi in 2009, has been sold off. The Asset Management Company of Nigeria, AMCON, in a statement yesterday, said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium). The statement signed by Jude Nwauzor, AMCON’s Head of Corporate Communications, said “it is pleased to announce Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium) as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited.” “This 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 (SPA) executed between AMCON and the Sigma Golf – Riverbank consortium.” Sigma Golf Nigeria Limited and Riverbank Investment Resources, the corporation stated, were entities set up by local investors, adding that the process for the sale of the bank started with interest shown by 18 parties cutting across local and international investors. The emergence of the Sigma Golf-Riverbank consortium resulted from a rigorous and competitive bidding process, which was coordinated for AMCON by Citibank Nigeria Limited and its affiliates and FBN Capital (Joint Financial Advisers), and Banwo & Ighodalo and Crosswrock Law (Joint Legal Advisers),” AMCON added. The corporation had in a publication explained that in furtherance of its strategic objectives, it had decided to divest its shareholding in Keystone Bank. Based on the audited financial statement of the bank as of June 30, 2015, Keystone Bank’s total assets stood at 317.6 billion naira, customer loans at 98.2 billion naira, customer deposits at 245 billion naira and total equity at 18.9 billion naira. The bank, which was valued at almost 4 billion naira, was sold to the Sigma Golf-Riverbank consortium for 25 billion naira ($81.5 million), while the reserve bidder offered 13 billion naira ($42.4 million) for Keystone Bank. Keystone Bank was incorporated by the Nigerian Deposit Insurance Corporation on August 3, 2011, following the revocation of the license of Bank PHB by the CBN. http://etimes.com.ng/2017/03/23/keystone-bank-sold-to-a-nigerian-investors-for-25-billion-naira/ 1 Like 3 Shares
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Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by Freethought(m): 10:24am On Mar 23, 2017 |
25billion?! So dats all a bank is worth! 23 Likes 1 Share |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by mykelmeezy: 10:41am On Mar 23, 2017 |
smh $79.4m it means the bank really had no value |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by mykelmeezy: 10:41am On Mar 23, 2017 |
a nigeriaN INVESTORS bloggers need to proofread for typos 10 Likes
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Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by DLondonboiy: 10:55am On Mar 23, 2017 |
Only? I shoulda bought the bank.. 15 Likes 1 Share |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by teamsynergy: 10:55am On Mar 23, 2017 |
finally... its easy to use bank as a means to enrich ursef in Nigeria, cos u only get a slap on the wrist for that....smh 2 Likes |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by TINALETC3(f): 10:55am On Mar 23, 2017 |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by ayamAgenius: 10:55am On Mar 23, 2017 |
only? i would have offered more... 2 Likes 1 Share |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by hushshinani(m): 10:55am On Mar 23, 2017 |
25b kwa!! omo money still dey naija ooo... 2 Likes |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by sammyj: 10:55am On Mar 23, 2017 |
25 Billion Naira Only and who are this investors. We need there names and not proxy name 7 Likes 2 Shares |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by peemyke(f): 10:56am On Mar 23, 2017 |
Good |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by Goldenheart(m): 10:56am On Mar 23, 2017 |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by etenyong(m): 10:56am On Mar 23, 2017 |
This will bring more confusion cos since this AMCOM stated taking over bank, I don't know most of the Bank again. The names keep changing everyday. I know very soon they will change from Keystone to Something else. I pray that the depositors money and shares not lost. The amount sold is too small. Just 25 billions naira 7 Likes |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by iDROID: 10:56am On Mar 23, 2017 |
Just 25 billion? Lemme go and buy one bank 4 Likes |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by kenzysmith: 10:56am On Mar 23, 2017 |
Very cheap |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by drinkgarri: 10:57am On Mar 23, 2017 |
While rich people are getting richer,some,i won't mention names, keep blaming Buhari for their misfortune in life. 15 Likes
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Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by burkingx(f): 10:57am On Mar 23, 2017 |
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Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by adioolayi(m): 10:57am On Mar 23, 2017 |
DLondonboiy:You can still do. 2 Likes |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by drinkgarri: 10:57am On Mar 23, 2017 |
25billion Maura no be joke bros |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by Ola2004: 10:58am On Mar 23, 2017 |
Ok |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by Tazdroid(m): 10:58am On Mar 23, 2017 |
So, does this mean we've seen the last of Keystone bank? What about the employees? I hope they would be taken care of properly 4 Likes |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by Divay22(f): 10:58am On Mar 23, 2017 |
I want GTB or First Bank It's possible 4 Likes |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by mccoy47(m): 10:58am On Mar 23, 2017 |
That's quite cheap! |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by Tazdroid(m): 10:58am On Mar 23, 2017 |
Freethought:nope, that's all Keystone bank is worth 9 Likes |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by Nobody: 10:59am On Mar 23, 2017 |
The Bank's worth is #4B (Assets-Liabilities) while the investor bought it #25B. I think it is favourable to the bank as a result of its forecast (there might be a run on the bank in the future) |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by kwyllancy: 10:59am On Mar 23, 2017 |
Hmmmm odiegwu |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by Tazdroid(m): 10:59am On Mar 23, 2017 |
sammyj:you could do the needful |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by Chukazu: 11:00am On Mar 23, 2017 |
let's know the individual s behind the so called SIGMA abi "stigma" lets be sure its not "looted" fund from kangaroo republic Sanusi only came to destroy people's hard earned money ..I mean all he should have done was to ask the shareholders of those banks to inject fresh fund by right-issue ,now we are here talking about 25billion after how many years of confusion? 4 Likes |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by kanicorp9(m): 11:00am On Mar 23, 2017 |
wikinaija.com.ng or check my signature link |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by habex005(m): 11:01am On Mar 23, 2017 |
ok |
Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by odimbannamdi(m): 11:01am On Mar 23, 2017 |
The bank technically wasn't sold. It just changed hands, because na the same people. These lovely men's loafers are for sale 2 Likes
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Re: Keystone Bank Sold To A Nigerian Investors For 25 Billion Naira by dreamwords: 11:01am On Mar 23, 2017 |
i suspected it before |
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