July 18, 2013 / 8:46 AM / 5 years ago

Nigeria appoints Citigroup, Vetiva to manage sale of 3 banks

LAGOS (Reuters) - The Asset Management Company of Nigeria, which holds non-performing assets of troubled banks, said it had named Citigroup (C.N) and Africa-focused investment bank Vetiva Capital to manage the sale of three lenders.

Nigeria fully nationalized Afribank, Spring Bank and Bank PHB in 2011 when they failed to find new investors before a recapitalization deadline. It then recapitalized them and changed their names to Mainstreet, Enterprise Bank and Keystone Bank, respectively.

    AMCON Chief Executive Mustapha Chike-Obi said in an interview on Thursday that the state organization planned to sell 100 percent of all three.

    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 transaction by the third quarter of next year.

    Reporting by Chijioke Ohuocha; Editing by Joe Brock and Jane Baird

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