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FG appoints Citigroup, Vetiva to manage sale of Enterprise Bank

By on July 19, 2013

The Federal Government has commenced the sale of the AMCON-owned banks, with the appointment of Citigroup and Vetiva Capital to manage the sale of one of the banks — Enterprise Bank Limited.

In an interview, Mr. Mustapha Chike-Obi, Chief Executive Officer, AMCON, said Citigroup and Vetiva will manage the 100 per cent sale of the bank, while the sale of the other two — Mainstreet Bank Limited and Keystone Bank — will hold in the next couple of weeks.

He said the appointment is a reflection of the fact that AMCON is on track with its timeline to complete the sale of all three banks by the third quarter of next year.

Afribank, Spring Bank and Bank PHB, where nationalised in 2011 when they failed to find new investors before a recapitalisation deadline.

AMCON then recapitalised the three banks and changed their names to Mainstreet, Enterprise Bank and Keystone Bank, respectively.