Banking
Uncertainty Grips Keystone Bank Workers, Embark on Job Hunt
By Modupe Gbadeyanka
The fear and uncertainty surrounding the sale of Keystone Bank Limited has created anxiety among its employees as many of them now look out for new jobs in order not to be caught unawares, investigation by Daily Times has revealed.
Earlier in the week, the biggest of the three nationalized lenders after 2009 financial crisis, Keystone Bank Limited, was announced to have been sold by the Asset Management Company of Nigeria (AMCON) to some unknown local investors at undisclosed amount.
In a statement made available to newsmen, AMCON referred to the new owners of the bank as a consortium of local investors called Sigma Golf Nigeria Limited and Riverbank Investment Resources.
But the manager of bad assets failed to inform the general public on the total amount payable for the sales of the bank and the initial amount paid.
Also, the statement did not disclose the sale price or any financial details, as well as the faces behind the investment firms buying the bank.
However, our investigations showed that the some employees of the bank have been on the lookout for better job opportunities with other lenders as their fate remain uncertain, as the new owners are set to take over.
One of the staff of the bank, who spoke to our correspondent on condition of anonymity, disclosed that some of them who do not want to be without job suddenly have started to look for jobs since the announcement was made.
“I have submitted my CV to a couple of banks and I hope to secure a job with any of them”, the source disclosed.
The three lenders that were nationalized in 2011, Afribank, Spring Bank and Bank PHB, were recapitalised by AMCON 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.
It is worthy of note that before the end of 2015, the Corporation had completed the sale of Mainstreet Bank purchased by Skye Bank Plc, while Heritage Bank bought Enterprise Bank.
In view of this, there had been anxiety over the sale of Keystone Bank, but AMCON at the beginning of 2015 said the sale of the bank would commence during the second quarter of the year but failed to carry out the sale till the recent announcement.
Recall that AMCON had during the last quarter of 2014 completed the sale of Enterprise Bank and Mainstreet Bank to Heritage Bank and Skye Bank Plc, respectively for a combined sum of N181.1 billion, after bidding processes that lasted for several months.
Heritage Bank won the bid to acquire Enterprise bank for N56.1 billion, while Skye Bank was announced as the winner for Mainstreet bank with a bid of N125 billion.
While Heritage Bank won the bid for Enterprise Bank, Fidelity Bank emerged the reserved bidder after a bidding process that involved over 20 buyers.
Cedar One Investment Partners Limited and Fidelity Bank emerged as the first and second reserve bidders respectively for Mainstreet bank.
However, all the aforementioned processes and measures were put in place when the two other bridged banks were sold, unlike now that Keystone bank is being sold.
https://dailytimes.ng/news/keystone-bank-staff-job-hunt-amid-sale-uncertainty/
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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