Keystone Bank sold at N41b, says AMCON

Asset Management Corporation of Nigeria (AMCON) said it sold Keystone bank to new investors at N41 billion.

AMCON Managing Director/Chief Executive Officer, Ahmed Kuru, in a statement said the fund realised from the sale helped to boost the corporation’s performance in the last financial year.

He explained that AMCON had acquired 12,537 non-performing loans (NPLS) worth N1.7 trillion from 22 financial institutions, following the 2009 banking crisis.

kuru said that gross earnings also increased by 23 percent to N341.8 billion, a 21 percent increase in interest income to N42.6 billion as well as the N41 billion sale of keystone bank.

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