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AMCON To Reveal Keystone Bank Buyer Soon

Keystone Bank

The buyer of Keystone Bank would be made known to the public before the end of August 2016, the Asset Management Corporation of Nigeria (AMCON) has promised.

Managing Director and Chief Executive Officer of AMCON, Mr Ahmed Kuru, disclosed in Lagos that the process of handing over Keystone Bank, formerly Bank PHB Plc, to its new owner was in the final stage.

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“We are almost at the final stages of the process. I think in the next two weeks, we should be able to conclude and announce the result.

“You know it is a long process and because it is a financial institution, we don’t like to talk about it because if we do, it can have an impact on what they are doing.

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“But we have gone very far and we are at the final stage; in the next one or two weeks, we should be able to come out with the conclusion of the process,” Kuru said.

AMCON was set up in 2010 to absorb bad loans in the banking sector as part of resolving a financial crisis in the country.

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Keystone Bank is the only one of the three bridge banks acquired by the corporation in 2011 yet to have a new owner.

Mainstreet Bank was acquired by Skye Bank in 2015, while Heritage Bank bought Enterprise Bank a year earlier.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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