Business Amcon in pursuit of buyers for Enterprise Bank

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jeff juwana

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The Assets Management Corporation of Nig eria is calling interested persons to express their desire in buying its 100 per cent stake in Enterprise Bank Limited which was formerly known as spring bank,one of the three banks nationalized in 2011.

AMCON who holds the non-performing assets of troubled banks said in a public notice on Monday that prospective buyers would be required to submit bids by September 20 and also show evidence of their financial capacity.

According to the public notice,names of shortlisted buyers will be prepared and they will move to the first phase of transaction once there has been evaluation of interest and receipt.

Enterprise Bank has seven subsidiaries and 150 branches, with total assets of N263.5bn ($1.6bn) and total equity of N31.9bn ($195.3m), AMCON said in the notice.

AMCON announced the beginning of the final process for the sale of the three banks and indicated that it would start with the sale of Enterprise Bank, followed by that of Keystone Bank and Mainstreet Bank.They hope to complete te sale of the three banks by september 2014.

The Chief Executive Officer, FirstRand, Sizwe Nxasana, told the Press recently that the South African lender was keen on buying either Keystone or Mainstreet.
 
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