Consortium Finally Takes over Keystone Bank

By Dipo Olowookere

The local investors who recently bought Keystone Bank have taken ownership of the financial institution.

Last week, the Asset Management Corporation of Nigeria (AMCON) announced Sigma Golf-Riverbank Consortium as the new owners of the bank.

Last Friday, Keystone Bank was finally handed over to Sigma Golf-Riverbank Consortium, who will now run the company and make efforts to reposition it into a world class financial institution.

The exercise, we learnt, was finalised after a meeting in Lagos with representatives of Sigma Golf-Riverbank Consortium, AMCON, Keystone Bank, KPMG Professional Services, Boston Advisory Services, Giwa Osagie & Co., Pan-African Capital Limited, FBN Capital Limited, Citibank Nigeria Limited, Banwo & Ighodalo and CrosswrockLaw all in attendance.

Recall that in 2011, Keystone Bank, formerly Bank PHB, was taken over by AMCON, which appointed a board and management to stabilise the bank.