Tuesday, August 9, 2011

Govt to sell new banks after three years

Nigeria Guardian News: "LIFESPAN for the new management of the three banks acquired by the Federal Government at the weekend has been fixed by Asset Management Corporation of Nigeria (AMCON).

Without any future tinkering with the new arrangement, the new boards of directors appointed for the banks on Sunday by the government will take a bow after three years for the new investors to take over their ownership. The banks are Keystone Bank Limited (former Bank PHB), Mainstreet Bank Limited (Afribank), and Enterprise Bank Limited (Spring Bank). They were bought over by AMCON last weekend.

AMCON’s Managing Director and Chief Executive Officer (MD/CEO), Mustapha Chike-Obi, unveiled the plan yesterday in an interview on CNBC Africa monitored by The Guardian in Lagos."