AMCON: C’ttee Recommends Sale Of Rescued Banks

Months after they were employed to assess the state of the three nationalised banks, Renaissance Capital and Citibank have recommended outright sale of the banks.

The financial advisers have also started filing in their reports marking the conclusion of their assessment on the banks.

Sources close to the financial advisers told LEADERSHIP that part of their recommendations was that the banks be sold to local and foreign investors

LEADERSHIP gathered that though incomplete, two of the reports have been received by the Assets Management Corporation of Nigeria (AMCON) as at yesterday while the remaining one report is expected to come in by the end of the week.

A source who confirmed the receipt of the reports said “we have received two of the reports although they are not complete and we are expecting the third one soon.” He noted that though inconclusive, the reports are in good shape.

AMCON had in August last year appointed Renaissance Capital and CitiBank to act as advisers in the sale of the bridged banks rescued by the government agency and were to submit their reports on February 20, 2013.

The three bridged banks are former Bank PHB, Spring Bank and AfriBank, presently known as Keystone Bank, Enterprise Bank and Mainstreet Bank.

While Citibank is saddled with the task of valuing Mainstreet Bank, as well as advising AMCON on the sale, Renaissance Capital is responsible for achieving the same with Keystone Bank and Enterprise Bank.The advisers were given between 90 to 180 days to complete their assignments.

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