The Asset Management Corporation of Nigeria (AMCON), the state-backed bad bank, has announced plans to divest its 100% stake in Keystone Bank.
Keystone Bank represents the last of the country’s three nationalised banks to be sold.
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In 2011, the country nationalised three lenders- Afribank, Spring Bank and Bank PHB- which were recapitalised by AMCON and rebranded as Mainstreet Bank, Enterprise Bank and Keystone Bank.
Earlier, Mainstreet Bank was offloaded to Skye Bank Plc, while Enterprise Bank was sold to Heritage Bank.
Prospective buyers are required to submit their bids for Keystone Bank by 4 March.
As of June 2015, Keystone Bank managed total assets of N317.6bn ($1.6bn), equity of NGN 18.9bn ($95m) and a loan portfolio of NGN98.2bn ($493.7m).
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By GlobalDataAs of 31 December 2015, the lender operates from 156 branches across the country and comprises four subsidiaries.
