(Corrects to say AMCON appoints Citigroup, Vetiva to sell
Enterprise Bank not all three nationalised banks)
LAGOS, July 18 The Asset Management Company of
Nigeria, 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
Nigeria fully 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
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.
(Reporting by Chijioke Ohuocha; Editing by Joe Brock and Jane