AMCON advisers submit reports on bridged banks

March 11, 2013

Managing Director, AMCON, Mr. Mustafa Chike-Obi
| credits: File copy

The financial advisers appointed to value the three nationalised banks preparatory to the exit of the Asset Management Corporation of Nigeria from them and their eventual sale to investors have submitted part of the reports to the corporation.

The Head, Corporate Communications, AMCON, Mr. Kayode Lambo, in an exclusive interview with our correspondent on Sunday, said the corporation would make decisions on the banks as soon as it got the complete reports.

“They financial advisers have submitted their reports but the reports are incomplete; there is one or two things that they need to add. Once that is done, decisions will be taken on the way forward for the banks,” he said.

Sources close to the financial advisers told our correspondent that part of their recommendations was that the banks should be sold to local and foreign investors.

The affected banks are former Bank PHB Plc now Keystone Bank Limited; Spring Bank Plc, now known as Enterprise Bank Limited; and Afribank Plc, rechristened Mainstreet Bank Limited.

AMCON had appointed Renaissance Capital and CitiBank last August to act as advisers on the sale of the bridged banks, and they were meant to submit their reports on February 20, 2013.

Citibank is to value Mainstreet Bank before advising AMCON on its sale, while Renaissance Capital is to value Keystone Bank and Enterprise Bank for the same purpose.

As part of their terms of reference, the financial advisory firms were expected to evaluate the three banks and advise the corporation on how best to dispose of them.