Citibank, RenCap Appointed Advisers for Nationalised Banks
Category: Money Market
August 07, 2012 / By Obinna Chima / ThisDay
Exactly one year after their nationalisation, the Asset Management Corporation of Nigeria (AMCON) has appointed Citibank Consortium and Renaissance Capital (RenCap) Consortium as financial advisers to Enterprise Bank Limited, Keystone Bank Limited and Mainstreet Bank Limited.
Managing Director/Chief Executive Officer, AMCON, Mr. Mustapha Chike-Obi, revealed this in a chat with THISDAY Monday. The commercial banks are wholly owned by AMCON.
According to the AMCON boss, while the Citibank Consortium was appointed as financial adviser to Mainstreet Bank, RenCap was appointed to undertake the advisory work on Enterprise and Keystone Banks.
As part of their terms of reference, the financial advisory firms are expected to value the three banks and advise the corporation on how best to dispose of the commercial banks, which it acquired last year after they were bridged by the Nigeria Deposit Insurance Corporation (NDIC).
Chike-Obi explained: “The firms were given between three and six months to carry out this task and report to AMCON. They are to value the three banks and advise AMCON on how to maximise value in the disposal of the three banks.”
Chike-Obi also said that listing the shares of the banks on the Nigerian Stock Exchange (NSE) was one of the options available to the corporation.