| LAGOS, March 20
LAGOS, March 20 Nigeria's state-backed 'bad
bank' AMCON has sold the nationalised Keystone Bank to a
consortium of local investors called Sigma Golf Nigeria Limited
and Riverbank Investment Resources, it said on Monday.
Keystone Bank was the last of the lenders nationalised in
Nigeria, which state-backed AMCON was seeking to sell. It was
one of three banks nationalised following a $4 billion central
bank bailout that saved several lenders from near bankruptcy in
In a statement, the Asset Management Company of Nigeria
(AMCON) said the consortium had been picked out of 18 local and
international bidders in a sale coordinated by Citibank and FBN
It had sought bidders for the sale of its 100 percent stake
in Keystones. The brief AMCON statement did not disclose the
sales price or any financial details. It also didn't say who
owns the investment firms buying the bank.
AMCON "is pleased to announce Sigma Golf Nigeria Limited and
Riverbank Investment Resources Limited (the Sigma Golf –
Riverbank consortium) as the new investors," it said.
Nigeria nationalised three lenders, Afribank, Spring Bank
and Bank PHB in 2011. AMCON then recapitalised them and changed
their names to Mainstreet Bank, Enterprise Bank and Keystone
Bank. Two of the banks have since been sold.
AMCON was set up in 2010 to absorb non-performing loans in
exchange for government bonds, after the central bank injected
$4 billion to rescue nine lenders from collapse seven years ago.
(Reporting by Oludare Mayowa; Editing by Ulf Laessing)