AMCON Appoints Citigroup, Vetiva To Manage Sale Of Troubled Banks
The Asset Management Company of Nigeria (AMCON), which holds non-performing assets of troubled banks, said it had named Citigroup and Africa-focused investment bank Vetiva Capital to manage the sale of its shares in one nationalised bank.
AMCON nationalised Afribank, Spring Bank and Bank PHB in 2011 when they failed to find new investors before a recapitalisation deadline. It then recapitalised them and changed their names to Mainstreet, Enterprise Bank and Keystone Bank, respectively.
AMCON Chief Executive Mustapha Chike-Obi said in an interview on Thursday it planned to sell 100 percent of Enterprise Bank through Citigroup and Vetiva but would organise the sale of the other two lenders at a later date.
He had previously said the advisers would solicit expressions of interest from prospective investors and decide on the best way to proceed.
AMCON said it was on track with its timeline to complete the sale of all three lenders by the third quarter of next year.
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