Nigeria's state-backed "bad bank" AMCON said on
Monday it was seeking prospective investors to buy Keystone Bank, the last of
the nationalized banks yet to be sold.
The Asset Management Corporation of Nigeria (AMCON) said in
a public notice it had decided to divest its 100 percent interest in the bank
and ask prospective buyers to submit their bids by March 4.
AMCON appointed Citibank's local unit and FBN Capital as
financial advisers to manage the process, asking prospective investors to
submit bids, showing evidence of credibility and eligibility for the
transaction.
Nigeria nationalised three lenders, Afribank, Spring Bank
and Bank PHB in 2011, while AMCON then recapitalised them and changed their
names to Mainstreet Bank, Enterprise Bank and Keystone Bank. Two of the banks
have since been sold.
Based on audited account as of June last year, Keystone bank
has total assets of about 317.6 billion naira ($1.60 billion), equity of 18.9
billion naira and a loan portfolio of about 98.2 billion naira.
By Dec. 31, the Bank had 156 branches across the country
with four subsidiaries, of which two are international, AMCON said in the
notice.
Nigeria's Sterling Bank told Reuters on Friday it was aiming
to buy one or two mid-sized commercial lenders as sharp falls in the value of
the naira and increased regulatory pressure are forcing banks to recapitalise.
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. ($1 = 198 naira) (Reporting
by Oludare Mayowa, editing by David Evans)
Source: af.reuters.com
