Exactly 12 months into its operation, Keystone Bank is set to embark on another crucial stage in its transformation, following the choice of Renaissance Capital (Rencap) Consortium as advisers by our shareholder, Asset Management Corporation of Nigeria (AMCON), in the bank’s divestment process .
The Managing Director of AMCON, Mr. Mustafa Chike-Obi in a telephone conversation earlier today with the Managing Director/CEO of Keystone Bank, Mr. Oti Ikomi, confirmed Renaissance Capital (Rencap) Consortium’s choice as adviser and offered his best wishes to staff, customers and stakeholders while expressing his pleasure on the transformation success achieved by Keystone Bank in the last one year.
We use this very important development to further reassure all stakeholders and restate Keystone Bank’s transformation goal of being a Top 5 Bank by 2015.
The Bank will also use this opportunity to elucidate further the cardinal thrust of AMCON's three-pronged approach in their divestment process as follows:
- Appoint advisers (now done today) with a term of reference of up to 6months
- Listing of shares on the Capital Market and/or Invitation of investor(s) to respond to RFP and go through due diligence process and allied matters.
- Completion of agreements and divestment process implementation.
These processes and procedures will be fully complied with and systematically adhered to over the next few years.
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