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Ailing bank, Keystone Bank, have been sold by the Asset Management Corporation of Nigeria (AMCON), according to a statement signed by Jude Nwauzor, AMCON head of corporate communications.

The bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf–Riverbank consortium).

Explaining further, AMCON’s Jude Nwauzor said that AMCON “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 fulfillment of the conditions precedent as stated in the Share Sale and Purchase Agreement (SPA) executed between AMCON and the Sigma Golf–Riverbank consortium.”

Keystone bank formerly known as Bank PHB , is the last of three nationalised banks to be sold , the other two being Mainstreet Bank and Enterprise Bank.

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