BusinessDay gathered that Renaissance Capital and CitiBank, advisers in the sale of the three nationalised banks rescued by AMCON, are ready to present their recommendations on February 20.
According to a source who declined to disclose the findings, “On February 20, we will present our findings and recommendations to AMCON, but the details of our findings, I will not tell you for now.”
Further investigations showed that although the findings are damaging, they are revealing to the extent that the banks, Keystone, Mainstreet and Enterprise, will need some surgical operations to make them attractive to investors.
Apart from FirstRand, which has made known its intention to acquire one of them, some other local banks which failed in their acquisition bids about two years ago are making fresh bids.
Bismarck Rewane, chief executive officer, Financial Derivatives Company, in a presentation at a recent Lagos Business School Breakfast meeting, said “Bridge banks present opportunity for foreign banks to penetrate the market. FirstRand could acquire one or more bridge banks.

Source- Business Day