JULY 19, 2013
Managing Director, AMCON, Mr. Mustafa Chike-Obi
The Asset Management Corporation of Nigeria on Thursday finally announced Citigroup Global Markets Limited and Vetiva Capital Management Limited as the financial and legal advisers for the sale of Enterprise Bank, one of its three wholly-owned nationalised banks.
AMCON had recently announced the beginning of the final process for the sale of the three bridge banks, indicating it would start with the sale of Enterprise Bank and then followed by the other two – Keystone Bank and Mainstreet Bank.
The corporation expects to complete the sale of the three banks by September 2014 and plans to sell 100 per cent stake in each.
AMCON had said it would appoint financial advisers to manage the sale of the banks nationalised and recapitalised in 2011.
According to the Managing Director, AMCON, Mr. Mustafa Chike-Obi, the advisers will solicit expressions of interest from prospective investors.
The Head, Corporate Communications, AMCON, Mr. Kayode Lambo, said while announcing the appointment of the advisers for Enterprise Bank on Thursday, “After a thorough review of the responses received in respect of its Requests for Proposals, the Asset Management Corporation of Nigeria is pleased to announce the selection of its financial and legal advisers in respect of the divestment of its shareholding in Enterprise Bank Limited as: Citigroup Global Markets Limited and Vetiva Capital Management Limited- financial advisers to the transactions”
Chike-Obi said he expected strong interest in the three banks from local and foreign institutions. The Chief Executive Officer, FirstRand, Sizwe Nxasana, told Reuters recently that the South African lender was keen on buying either Keystone or Mainstreet.
Skye Bank Plc will bid for one of the three banks, depending on valuations, its Managing Director, Mr. Kehinde Durosimi-Etti, told a shareholder meeting recently.
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