AMCON begins divestment of shareholding in Keystone Bank

The Asset Management Company of Nigeria (AMCON) has invited proposals from prospective bidders for selection as financial and legal advisers for the divestment of its shareholdings in Keystone bank Limited.

In a Request for Proposals (RFPs) published in its website, AMCON said it was seeking proposals from qualified financial advisory firms for the provision of financial and transactional advisory services towards the divestment of its equity in the bank.

In August 2011, AMCON was invited by the financial sector insurer, the Nigerian Deposit Insurance Corporation (NDIC), to take over and capitalise three bridge banks it created, namely Enterprise Bank Limited, Mainstreet bank Limited and Keystone Bank Limited.

Following its successful divestment of its interests in Enterprise Bank Limited and Mainstreet Bank Limited in October 2014, the corporation is now focused on relinquishing its equity in Keystone Bank to the public.

Keystone Bank, which is a member of the three AMCON banks, currently has a network of 184 branches located across the country as well as two international subsidiaries.

AMCON, which currently owns the entire equity capital of Keystone Bank Limited, advised interested bidders to ensure that they provided the relevant information to confirm their qualification to perform the advertised services.

The information required include a proposal detailing prospective bidders’ demonstrable experience in similar transactions; recommended transaction approach; indicative time-table; experience of key team members of the bidding firms; proposed fee structure and potential areas of conflict of interest.

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