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AMCON chooses HISL as buyer for Enterprise

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Asset Management Company of Nigeria (AMCON) has selected HBCL Investment Services Limited (HISL), a private commercial bank, as the successful bidder to buy nationalised lender Enterprise Bank, AMCON said.

The state-owned rescue bank had sought bidders for the sale of its 100 percent stake in Enterprise Bank, one of three banks nationalised following a $4 billion central bank bailout that saved several Nigerian lenders from near bankruptcy in 2009.

An AMCON statement released late on Thursday did not give details of the agreed price of the sale.

It said Fidelity Bank had been chosen as the reserve bidder in the event the first choice HISL could not complete the transaction as agreed.

AMCON said its decision followed a “rigorous and competitive bidding process” in which 24 foreign and local entities had initially shown interest. Citigroup and local investment firm Vetiva Capital had acted as advisors for the sale.

Enterprise, with over 160 branches, is the first of the three nationalised banks to be put up for sale by AMCON, which was set up to help resolve the 2009 banking crisis, triggered by reckless lending and a stock market collapse in 2008.

Afribank, Spring Bank and Bank PHB, were nationalised in 2011. AMCON then recapitalised them and changed their names to Mainstreet Bank, Enterprise Bank and Keystone Bank, respectively.

Article Credit: Businessdayonline

Updated 4 Years ago

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Tags:     AMCON     HBCL     HISL     Afribank     Spring Bank and Bank PHB     Mainstreet Bank     Enterprise Bank