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Finally, AMCON Sells Keystone Bank - Business - Nairaland

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N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar / AMCON Releases Names Of 105 Persons Who Owe N906b / AMCON Hands Over Keystone Bank To New Investors (2) (3) (4)

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Finally, AMCON Sells Keystone Bank by Trending01: 2:51am On Mar 21, 2017
The Asset Management Corporation of Nigeria (AMCON) on Monday announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf-Riverbank consortium) as the new investors that have acquired the entire issued and fully paid up ordinary shares of Keystone Bank Limited, formerly BankPHB Plc.

This followed the receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
AMCON in a statement on Monday explained that the completion of the transaction was subject to the fulfilment of the conditions precedent as stated in the Share Sale and Purchase Agreement (SPA) executed between AMCON and the Sigma Golf-Riverbank consortium.

FOR MORE: http://theicon.ng/2017/03/21/finally-amcon-sells-keystone-bank-n25bn/

Re: Finally, AMCON Sells Keystone Bank by mykelmeezy: 3:06am On Mar 21, 2017
who is keystone


why was it sold



who bought it?

8 Likes

Re: Finally, AMCON Sells Keystone Bank by Jofet(m): 3:18am On Mar 21, 2017
That name 'KEYSTONE' should not be changed ooooooooo. So classic a name!!!!

6 Likes

Re: Finally, AMCON Sells Keystone Bank by coolcharm(m): 3:21am On Mar 21, 2017
Keystone bank
Re: Finally, AMCON Sells Keystone Bank by Lifestone(m): 3:31am On Mar 21, 2017
We need more information on this deal

3 Likes 1 Share

Re: Finally, AMCON Sells Keystone Bank by zuby4real10(m): 3:47am On Mar 21, 2017
This is not a surprise to us keystone bank customers cos even from the poor services they offer to us, low customers turn out in almost all their branches and poor facilities we don't have to be told that the bank is broke. I only go to keystone bank in days that I don't want to waste too much time queuing up in banks . It's only in keystone bank I witnessed both staffs and customers using hand fan for more than 3 months in fact that bank don't have a single air conditioner.

37 Likes 3 Shares

Re: Finally, AMCON Sells Keystone Bank by Nobody: 3:49am On Mar 21, 2017
Bankers, COME IN!!
Re: Finally, AMCON Sells Keystone Bank by Godfullsam(m): 4:32am On Mar 21, 2017
Jofet:
That name 'KEYSTONE' should not be changed ooooooooo. So classic a name!!!!

What is so classic about the name? The KEY or the STONE undecided

8 Likes

Re: Finally, AMCON Sells Keystone Bank by Blue3k(m): 4:35am On Mar 21, 2017
zuby4real10:
It's only in keystone bank I witnessed both staffs and customers using hand fan for more than 3 months in fact that bank don't have a single air conditioner.

Wow what backwater are they running. I'd have to wonder what they are doing with money. If they aren't making money on fees, interest and loans.

4 Likes 1 Share

Re: Finally, AMCON Sells Keystone Bank by seunmsg(m): 4:45am On Mar 21, 2017
as the new investors that have acquired the entire issued and fully paid up ordinary shares of Keystone Bank Limited, formerly BankPHB Plc.

So there is absolutely nothing left for the original owners of bankPHB to salvage? This is very sad and unfair. Lots of people invested their life savings in the shares of the old bankPHB, Amcon and CBN should have worked out a model for them not to lose everything.

In as much as it is good to protect the interest of depositors, protecting the interest of owners and investors should also be a priority. Personally, I will never invest in any bank again.

5 Likes 2 Shares

Re: Finally, AMCON Sells Keystone Bank by DonLo: 5:11am On Mar 21, 2017
Okay o
Re: Finally, AMCON Sells Keystone Bank by DoyenExchange: 7:05am On Mar 21, 2017
They would not leave this bank alone...from BankPhb to Keystone to what again? undecided
Re: Finally, AMCON Sells Keystone Bank by okonja(m): 7:18am On Mar 21, 2017
angry angry
Re: Finally, AMCON Sells Keystone Bank by oluseyiforjesus(m): 7:20am On Mar 21, 2017
Hw I wish they could sell that Senate Building to British parliament.

8 Likes

Re: Finally, AMCON Sells Keystone Bank by TINALETC3(f): 7:21am On Mar 21, 2017
undecided
Re: Finally, AMCON Sells Keystone Bank by adioolayi(m): 7:22am On Mar 21, 2017
mykelmeezy:
who is keystone


why was it sold



who bought it?

That's your assignment... submit today itself grin

7 Likes

Re: Finally, AMCON Sells Keystone Bank by kingphilip(m): 7:23am On Mar 21, 2017
To
Re: Finally, AMCON Sells Keystone Bank by mohioma: 7:23am On Mar 21, 2017
DoyenExchange:
They would not leave this bank alone...from BankPhb to Keystone to what again? undecided

To sigma bank

4 Likes

Re: Finally, AMCON Sells Keystone Bank by ajalawole(m): 7:23am On Mar 21, 2017
So dea is a bank ni 9ja cheesy name Keystroke bank ehn cheesy
Re: Finally, AMCON Sells Keystone Bank by Nobody: 7:23am On Mar 21, 2017
mykelmeezy:
who is keystone


why was it sold



who bought it?
Do you have problem comprehending?

2 Likes 1 Share

Re: Finally, AMCON Sells Keystone Bank by 9japrof(m): 7:24am On Mar 21, 2017
change of name loading ....
BankPHB or Keystone have never been a stable bank.
Re: Finally, AMCON Sells Keystone Bank by sniperwolf(m): 7:24am On Mar 21, 2017
Was the bank in distress?
Re: Finally, AMCON Sells Keystone Bank by okosodo: 7:27am On Mar 21, 2017
Government inteference in a serious business is a stupid thing
Re: Finally, AMCON Sells Keystone Bank by Blessinzy(f): 7:27am On Mar 21, 2017
zuby4real10:
This is not a surprise to us keystone bank customers cos even from the poor services they offer to us, low customers turn out in almost all their branches and poor facilities we don't have to be told that the bank is broke. I only go to keystone bank in days that I don't want to waste too much time queuing up in banks . It's only in keystone bank I witnessed both staffs and customers using hand fan for more than 3 months in fact that bank don't have a single air conditioner.

pure lie

6 Likes

Re: Finally, AMCON Sells Keystone Bank by damoneyman007: 7:29am On Mar 21, 2017
zuby4real10:
This is not a surprise to us keystone bank customers cos even from the poor services they offer to us, low customers turn out in almost all their branches and poor facilities we don't have to be told that the bank is broke. I only go to keystone bank in days that I don't want to waste too much time queuing up in banks . It's only in keystone bank I witnessed both staffs and customers using hand fan for more than 3 months in fact that bank don't have a single air conditioner.


U are a Huge LIAR..., U dont kw keystone bank.at all. For your information, who told u keystone doesn't hav Air conditioners, and are broke or empty??. keystone is a classy bank. Dey even pay both the Employee, his wife amd 3 kids monthly salaries. Along with other periodic goodies. Gets your fact straight before coming here to exppse ypur ignorance.

9 Likes 1 Share

Re: Finally, AMCON Sells Keystone Bank by MrGreenMavro: 7:29am On Mar 21, 2017
Was thinking about the fellow that jumped into the lagoon yesterday and just couldn't help but feel sad.... spent time wondering what could have moved the young man to such an action. Heard on radio this morning that he was just 35 years....
At 35 he was a doctor... had a car, and even a driver...from the Nigerian standard that sounds like a successful young man in all ramifications.
There probably were lots of his secondary school mates or his university mates envying him. But truth is no one knew what he was going through.....
I concluded that he was having a bout of depression and it took a bad turn. It brings me back to us. I will ask some pertinent questions that I am also guilty of.
1) When last did we check on a friend that we haven't heard from in a while?
2) When last did we visit some one we knew was finding things difficult?
3) When we see someone who had it going so well and all of a sudden is finding it hard to make ends meet, do we make fun of them?
4) When was the last time we called the names of particular people in our midst during our prayers, to intercede on their behalf ?
5) When last did we encourage another with the Word of God
The economy is tough and truly people are finding it more difficult to survive. We need to watch out for each other. We need to call, we need to visit. I am hoping we can bring some suggestions to make our welfare better.
We never know who needs just an ear to listen to all the problems he/she is going through. Let's be more caring..I am guilty of this too. I am going to try as well. To at least call someone per day just to say hello! Lets ponder on this for a few seconds and decide to assist each.

43 Likes 9 Shares

Re: Finally, AMCON Sells Keystone Bank by Earth2Metahuman: 7:30am On Mar 21, 2017
zuby4real10:
This is not a surprise to us keystone bank customers cos even from the poor services they offer to us, low customers turn out in almost all their branches and poor facilities we don't have to be told that the bank is broke. I only go to keystone bank in days that I don't want to waste too much time queuing up in banks . It's only in keystone bank I witnessed both staffs and customers using hand fan for more than 3 months in fact that bank don't have a single air conditioner.
nice

You are definitely a key stone customer.

That bank is completely useless.. They froze my account twice for not updating my as stipulated by cbn even after I have done that on 2 different occasions And the customer service suddenly turned from gOod to worst in the country. Its like the management went to sleep. I had to move all my money away from the bank.

Gtb is next.

1 Like

Re: Finally, AMCON Sells Keystone Bank by HAH: 7:30am On Mar 21, 2017
seunmsg:


So there is absolutely nothing left for the original owners of bankPHB to salvage? This is very sad and unfair. Lots of people invested their life savings in the shares of the old bankPHB, Amcon and CBN should have worked out a model for them not to lose everything.

In as much as it is good to protect the interest of depositors, protecting the interest of owners and investors should also be a priority. Personally, I will never invest in any bank again.
well said bro, I had 500k, units of bankphb share that is useless and we have lost everything now, the sad part of this sale deal is most of the management of sold bank put their interest in the sales, for example, John Aboh the MD that sold oceanic bank to ETI is now th chairman of ecobank clearly that was the deal at the sale of Oceanic bank.

I did not just lose interest in banking stocks but the entire Nigerian stock market because I realize that is another ponzi scheme backed by law. I only invest in physical business eg, real estate and commodities now

5 Likes

Re: Finally, AMCON Sells Keystone Bank by eluquenson(m): 7:32am On Mar 21, 2017
I know it will surely come to pass
Re: Finally, AMCON Sells Keystone Bank by AlphaStyles(m): 7:34am On Mar 21, 2017
this bank still dy exist?
Re: Finally, AMCON Sells Keystone Bank by DTaj: 7:36am On Mar 21, 2017
seunmsg:


So there is absolutely nothing left for the original owners of bankPHB to salvage? This is very sad and unfair. Lots of people invested their life savings in the shares of the old bankPHB, Amcon and CBN should have worked out a model for them not to lose everything.

In as much as it is good to protect the interest of depositors, protecting the interest of owners and investors should also be a priority. Personally, I will never invest in any bank again.

Seun, I recognize your point, however, everywhere in the world, the most important stakeholder to be protected at the time of a bank's distress are the depositors.

Investors are a very distant consideration because regular corporate governance practice expects that if owners/investors/shareholders were diligent with their oversight role on Management and the Board of Directors, the bank should not be in distress in the first place.

Tough luck, but the owners/shareholders of Keystone Bank had no choice!

6 Likes 1 Share

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