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AMCON Appoints Financial, Legal Advisers for Enterprise Bank

19 Jul 2013

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AMCON’s Chief Executive Officer, Mr. Mustapha Chike-Obi


Obinna Chima



In line with its planned divestment from its wholly-owned banks, the Asset Management Corporation of Nigeria (AMCON)  Thursday announced the appointment of financial and legal advisers for the sale of Enterprises Bank Limited.

While Citigroup Global Markets Limited and Vetiva Capital Management Limited were selected as financial advisers to the transaction, G. Elias & Company Limited emerged as the legal adviser.

A statement from the Head Corporate Communications, AMCON, Mr. Kayode Lambo, explained that the firms were selected after a thorough review of the responses received in respect of its Requests for Proposals (RFP).

AMCON had in June, said it would commence the process leading to the sale of its three wholly-owned banks, firstly with Enterprise Bank.

The sale of Keystone Bank Limited and Mainstreet Bank Limited would follow sequentially, in order to ensure orderly and transparent transactions, the corporation had said.

The process, which is expected to be concluded by the third quarter of 2014, according to AMCON, would lead to the full divestment of its shares in the three banks.

Continuing,  the AMCON statement added: “After a thorough review of the responses received in respect of its RFP, AMCON is pleased to announce the selection of its financial and legal advisers in respect of the divestment of its shareholding in Enterprise Bank Limited, as: Citigroup Global Markets Limited and Vetiva Capital management Limited- Financial Advisers to the transactions and   G. Elias & Co. as Legal Adviser to the transaction.”

Enterprise, Keystone and Mainstreet Banks are wholly-owned by AMCON. The corporation had acquired them in August 2011, after the intervention by the Nigeria Deposit Insurance Corporation (NDIC) and CBN.

Enterprise Bank was created from the carcass of the defunct Spring Bank, while Keystone Bank Limited and Mainstreet Bank Limited were created from the defunct Bank PHB and Afribank respectively.

Enterprise Bank and Mainstreet Bank have since made their financial reports as at December 2012 public.

AMCON’s Chief Executive Officer, Mr. Mustapha Chike-Obi, had in  recent past assured Nigerians that the process leading to the sale of the three banks would be transparent.

Citigroup Global Markets Limited represents the European trading and investment banking arm of US-based financial services giant Citigroup.

The company's activities include underwriting equities and fixed income products, equity research, and banking services for multinational corporations, middle-market enterprises, and small businesses.

On the other hand, Nigerian-based Vetiva Capital Management is a Pan-African investment banking and financial services Company incorporated in Nigeria. It activities are primarily investment banking, wealth management and securities dealing.

Tags: AMCON, Business, Enterprise Bank, Featured, Legal Advisers, Nigeria

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