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The Asset Management Corporation of Nigeria has announced that it has completed the sale of Keystone Bank to a consortium of Nigerian investors, according to a statement released on Monday.

AMCON said it sold the bank to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (referred to as the Sigma Golf–Riverbank consortium) for an undisclosed amount. The agency said the transaction has received all regulatory approvals from the Central Bank of Nigeria and the Securities and Exchange Commission.

“AMCON is pleased to announce the Sigma Golf – Riverbank consortium as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited,” the agency said. “The completion of the transaction is subject to the fulfillment of the conditions precedent as stated in the Share Sale and Purchase Agreement (SPA) executed between AMCON and the Sigma Golf – Riverbank consortium.”

In February last year, AMCON invited prospective investors to bid for 100 percent shareholding in Keystone Bank, which is one of the three bridge banks created in 2011 after the CBN nationalized and rebranded three distressed banks.

Prior to the announcement, AMCON had divested from two bridge banks: Mainstreet Bank (formerly Afribank), which was acquired by Skye Bank for N126 billion; and Enterprise Bank (formerly Spring Bank), which was acquired by Heritage Bank for N56 billion.

AMCON said the Sigma Golf–Riverbank consortium emerged as the preferred bidder following a rigorous and competitive bidding process that was coordinated by Citibank Nigeria Limited and FBN Capital (acting as joint financial advisers); and Banwo & Ighodalo and Crosswrock Law (acting as joint legal advisers).

Keystone Bank, formerly Bank PHB, has total assets of about N317.6 billion, equity of about N18.9 billion and a loan portfolio of about N98.2 billion, according to the bank’s audited accounts as at June 2015.

The bank has about 156 branches across the country and four subsidiaries: Global Bank Liberia Limited; Keystone Insurance Limited; Keystone Bank, Sierra Leone; and Keystone Healthcare Limited.