Financial advisers recommend sale of Keystone, Enterprise, Mainstreet Banks
By Wale Odunsi on March 6, 2013

The three nationalised banks whose status were assessed by Assets Management Corporation of Nigeria, AMCON, have been recommended for outright sale.

The banks include former Bank PHB, Spring Bank and AfriBank, presently known as Keystone Bank, Enterprise Bank and Mainstreet Bank respectively.

AMCON had last year engaged renowned financial advisers, Renaissance Capital and Citibank, to carry out a thorough audit of the banks and submit to it.

Dailypost gathered that the advisers had submitted two reports while the third will forwarded on Friday.

Part of their recommendations was that the banks be sold to local and foreign investors.

AMCON had in August last year appointed Renaissance Capital and CitiBank to act as advisers in the sale of the bridged banks rescued by the government agency and were to submit their reports on February 20, 2013.

While Citibank was asked to value Mainstreet Bank, as well as advising AMCON on the sale, Renaissance Capital was to do same with Keystone Bank and Enterprise Bank.

The advisers were given between 90 to 180 days to complete their assignments.

AMCON is expected to study and relase the reports in the coming weeks.

Source- Business News